Beijing sources reported that China’s finance ministry said China has slapped extra tariffs of up to 25% on 128 US products including frozen pork, as well as on wine and certain fruits and nuts, in response to US duties on imports of aluminium and steel. Meanwhile the tariffs, to take effect on Monday, was released late on Sunday and matches a list of potential tariffs on up to USD 3 billion in US goods published by China on March 23.
According to sources China’s Ministry of Commerce (MOFCOM) said it was suspending its obligations to the World Trade Organization (WTO) to reduce tariffs on 120 US goods, including fruit. The tariffs on those products will be raised by an extra 15% and moreover eight other products, including pork, will now be subject to additional tariffs of 25% it said, with the measures effective from April 2.
Chinese finance ministry said “China’s suspension
of its tariff concessions is a legitimate action adopted under WTO rules to
safeguard China’s interests". Further it added that differences between
the world’s two largest economies should be resolved through dialogue and
negotiation.
