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China promises “necessary countermeasures” against Trump tariff hike

The Trump administration said it would raise US $ 200 billion in customs duties from 10% to 25% from 10 am 12:01 a.m. ET on Friday. Beijing responded only a few minutes after the deadline for tariffs to enter into force. "China expresses deep regret over developments and will need to take the necessary countermeasures," the Trade Department announced in a statement Friday afternoon. "We hope that the United States will meet halfway and work with us to solve existing problems through cooperation and consultation." A Chinese delegation led by Beijing's top dealership Vice Premier Liu Han arrived in Washington on Thursday for the latest round of trade negotiations. Under the current circumstances, Liu said he "hopes to participate in rational and sincere exchanges with the United States," reported Chinese state media outlet Xinhua. Liu added that China believes that raising tariffs is not a solution to the problems and is detrimental to China, to the United States and to the world. Trump's surprise moves to increase the pace of displaced American companies. Importers received only five days' notice of the sudden increase in sanctions. "The customs increase causes significant damage to US industry, farmers, and consumers," said Jacob Parker, vice president of the US-China Business Council, a trading group representing US business interests in China. "It will reduce US companies' competitiveness, reduce the efficiency of their global supply chains, and recover through the US economy. Clean and simple, this is a tax on the US consumer," he added. This…

The Trump administration said it would raise US $ 200 billion in customs duties from 10% to 25% from 10 am 12:01 a.m. ET on Friday.

Beijing responded only a few minutes after the deadline for tariffs to enter into force.

“China expresses deep regret over developments and will need to take the necessary countermeasures,” the Trade Department announced in a statement Friday afternoon. “We hope that the United States will meet halfway and work with us to solve existing problems through cooperation and consultation.”

 ] Trump's new tariff threat could make iPhones, toys and shoes more expensive

A Chinese delegation led by Beijing’s top dealership Vice Premier Liu Han arrived in Washington on Thursday for the latest round of trade negotiations.

Under the current circumstances, Liu said he “hopes to participate in rational and sincere exchanges with the United States,” reported Chinese state media outlet Xinhua.

Liu added that China believes that raising tariffs is not a solution to the problems and is detrimental to China, to the United States and to the world.

Trump’s surprise moves to increase the pace of displaced American companies. Importers received only five days’ notice of the sudden increase in sanctions.

“The customs increase causes significant damage to US industry, farmers, and consumers,” said Jacob Parker, vice president of the US-China Business Council, a trading group representing US business interests in China.

“It will reduce US companies’ competitiveness, reduce the efficiency of their global supply chains, and recover through the US economy. Clean and simple, this is a tax on the US consumer,” he added.

This is a developing story.

Steven Jiang contributed to this report.


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