China has promised to implement retaliatory measures in response to the blanket 25 percent tariffs on all steel and aluminium imports that the US introduced yesterday.
“China will take all the necessary measures to safeguard its legitimate rights and interests,” a Chinese foreign ministry spokesperson, Mao Ning, said during a press conference yesterday.
Washington’s latest impost is applicable to all countries. Mao said the move was against the guidelines of the World Trade Organisation and added that it “severely harmed” the rule-based multilateral trade system.
The spokesperson reiterated Beijing’s stance against protectionism, stressing that the international community recognises that there are “no winners” in trade and tariffs wars.
In a statement, the White House claimed that the new tariffs – first announced on 10 February – would “end unfair trade practices and the global dumping of steel and aluminum.”
Similar measures were implemented by US President Donald Trump in 2018 during the first of his non-consecutive terms.
[See more: Beijing warns Walmart not to pass the tariff burden onto Chinese suppliers]
However, this time around Trump has decided there will be no exemptions for allies such as Australia, Japan, the UK and the EU, arguing that this would overcome supposed “loopholes that were exploited by China and others with excess steel and aluminium capacity.”
America’s allies have been critical of Trump’s latest round of “unjustified tariffs,” with the European Union announcing yesterday that it will introduce countermeasures affecting US$28 billion of US imports to Europe, including motorbikes, alcohol and boats.
Since returning to office in January, Trump has been introducing an array of tariffs on various countries and regions, most notably China, Canada and Mexico.
On 1 February, the American leader announced an additional 10 percent tax on Chinese imports entering the US. Beijing responded with new tariffs on US products and kickstarting an antitrust investigation against Google.
More recently, China responded to Trump’s decision to add another 10 percent duty on Chinese imports by slapping 10 to 15 percent tariffs on US farm products.
Meanwhile, China held talks with Walmart concerning rumours that the US retailer was asking its Chinese suppliers lower their prices and thus shoulder the extra costs from Trump’s tariffs while shielding US consumers.
