🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

China imposed tariffs on U.S. products to 'balance losses' - state media

Published 03/04/2018, 03:31
Updated 03/04/2018, 03:40
© Reuters. FILE PHOTO: Boxes of fresh strawberries sit in the summer sun at a farmers' market in Hoboken

BEIJING (Reuters) - China imposed tariffs on 128 U.S. products ranging from wine to oranges in order to "balance the losses" caused by U.S. duties and to protect China's national interests, according to a commentary on the front page of the official People's Daily.

Beijing on Monday slapped additional tariffs of up to 25 percent on about $3 billion worth of U.S. products in response to new U.S. duties on aluminium and steel imports.

U.S. producers, Canada and South Korea have been granted exemptions from the aluminium and steel duties, but not China, a relatively small supplier to the United States.

The Chinese tariffs are widely regarded as modest in size. They are seen as a warning shot to the U.S. administration, which will this week unveil a list of Chinese high-tech imports targeted for U.S. duties.

U.S. industry has expressed concerns that China could further retaliate with punitive levies on major products such as aircraft, soybeans and autos.

"China does not like trade wars, but being on the side of justice, China has no choice but to enter a war to end a war," Wang Hailou, a researcher at the Chinese commerce ministry's research centre, wrote in the commentary.

Beijing has repeatedly said it does not fear a trade war with the United States, but it has also urged Washington to come to the table and resolve their trade differences.

© Reuters. FILE PHOTO: Boxes of fresh strawberries sit in the summer sun at a farmers' market in Hoboken

"It would be beneficial for all if (China's) friendly overtures were accepted by Washington. However, at the moment it seems intent on turning a deaf ear to any suggestion that they each make concessions to reach an amicable agreement," according to an editorial in China Daily.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.