China is not behind Their threat has now become a reality. The United States of China, on the other hand, imposed import duty on China's 60 billion dollars, and announced that it will impose taxes on three billion dollars of goods imported from the United States. They gave the announcement and it is going to come into force on Monday. There will be tax on 128 US exported products, from which the pork to the steel pipes.
Beijing has said that China has imposed counter tariffs in response to the trump tax imposed by US President Donald Trump, which is to be exported to other countries including China and Aluminum. Trump has imposed a fine on Chinese goods for the alleged theft of intellectual property. However, the United States will not impose any tariff on some Chinese products yet. So far, China is trying to respond to the imposition of tariff on steel and aluminum.
The Chinese Ministry of Trade and Finance said in a statement on Sunday that they will impose 15 percent tax on US 120 products. There are also reusable aluminum ingredients from pork. However, considering the amount of trade between the two countries, it is very small. But the duty of the affected industry is terrible.
The United States National Pork Producers Council has warned that due to this duty 'there will be a great negative impact on the rural United States.' Last year, $ 1.1 billion pork was exported to China. China is now the third largest export market of pork in the United States.
China is disturbed because the United States has imposed a duty on steel and aluminum for its national interest. Beijing's comment is that it violates the policies of the World Trade Organization. During the first imposition of duty on metals, the White House said that allied countries such as Canada, Mexico, European Union and South Korea will be released.
In a statement on Sunday, the Chinese Ministry of Commerce said that the concession was a "serious violation" of the World Trade Organization's law. According to the law of the organization, discrimination among members can not be done. China said they are hoping the United States will soon withdraw the tariff and "the trade of the two countries will return to normalcy."
China repeatedly said that they do not want trade warfare. But they also warned that they will take 'difficult and necessary' steps to protect their interests. China's official news agency Xinhua has said in a commentary column that the further step that Trump wants to take against China is actually 'self-destruct gambling'. This will hurt the interests of the US economy.
Trump has been complaining for a long time, Beijing is stealing US jobs through unfair trade practices. He wants to reduce the huge deficit with China in commodity trading, which last year stood at 375 billion dollars. But economists warned that this goal can not be achieved by imposing taxes. Rather it is at risk of being affected by the economy.
The United States and China's top leaders are holding meetings to reduce the tension, but no party is willing to give up. Experts fear that if the US administration publishes a list of Chinese products, China will take more revenge measures. Arthur Kroeber, the founder partner of economic research firm Gavkal, has predicted, in the next step, China may impose taxes on US products.
He also said that China's attitude is that they will stand firm against the United States, but there will be no serious obstruction to the global trade system. 'China wants to be good people in the global economy. They want to keep playing rules against the illegal attack of Trump. "