City
Epaper

New US tariffs won't solve trade dispute, says China

By IANS | Updated: August 2, 2019 12:45 IST

Reacting to US President Donald Trump's announcement to impose a fresh 10 per cent tariff on another $300 billion of Chinese goods, China's Foreign Minister Wang Yi said on Friday that the move won't solve the ongoing trade spat between the two of the world's largest economies.

Open in App

"Adding tariffs is definitely not a constructive way to resolve economic and trade frictions, it's not the correct way," Wang said on the sidelines of an Association of Southeast Asian Nations (ASEAN) meeting in the Thai capital.

In a series of tweets on Thursday, Trump announced: "Our representatives have just returned from China where they had constructive talks having to do with a future Trade Deal. We thought we had a deal with China three months ago, but sadly, China decided to re-negotiate the deal prior to signing," Efe news reported

"Trade talks are continuing, and during the talks the US will start, on September 1, putting a small additional tariff of 10 per cent on the remaining $300 billion of goods and products coming from China into our Country. This does not include the $250 billion already tariffed at 25 per cent," he added.

The new tariffs will effectively tax all Chinese imports to the US. The duty is likely target a wide range of goods, from smartphones to clothing.

The announcement comes after a team led by US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin spent Tuesday and Wednesday negotiating in Shanghai with a high-level Chinese delegation headed by Vice Premier Liu He.

US Secretary of State Mike Pompeo, who is also in Bangkok for the ASEAN gathering, justified the move and criticized Beijing for allegedly backing out of a deal reached in principle between the negotiators.

The recent round of interactions in Shanghai was the first high-level contact between the two sides since Trump and Chinese President Xi Jinping agreed to a temporary truce in their trade war at the G20 summit in June.

Trump had announced that the US will stop imposing new tariffs and agreed to allow the sale of tech firm Huawei's products in the US.

Over the past year, China and the US have imposed tariffs on billions of dollars of one another's goods.

In May, Trump increased from 10 per cent to 25 per cent a tariff on Chinese imports worth $200 billion. China retaliated by slapping tariffs on US imports worth $60 billion.

Trump later threatened to impose tariffs of up to 25 per cent on another $325 billion of Chinese imports, causing concern in financial markets and the business community due to the possible effect on consumer spending, which accounts for about two-thirds of the US economic activity.

( With inputs from IANS )

Tags: uschinatrumpAseanShanghai
Open in App

Related Stories

InternationalMajid Khademi Death: IRGC Intel Chief Killed in US-Israel Attack, Confirms Iran

International'Illegal Military Operations': China Accuses US and Israel of Strait of Hormuz Crisis

NationalDelhi Government Orders Removal of 2.5 Lakh Chinese CCTV Cameras Over Security Concerns

InternationalChina: Four Dead, Nine Injured After Explosion at Highway Tunnel Construction Site in Chongqing

InternationalChina: Casualties Feared After Bulldozer Runs Over Crowd in Beijing Market (Watch Video)

International Realted Stories

InternationalTrump celebrates Easter, highlights US military strength

InternationalSee you on the dark side of the moon: Artemis II crew set for lunar flyby, to set record for farthest human distance from Earth

InternationalNepal's apex court orders release of former PM KP Sharma Oli

InternationalIranians want bombs to be free: Trump

InternationalTrump vows to finish war with Iran, says "can't put nuclear weapons in hands of lunatic"