Previously, China formally initiated dispute settlement procedures at the world trade organization in connection with the introduction of U.S. import duties on aluminium and steel.
The Ministry of Commerce of China said on Friday that it was almost impossible to discuss the issue of tariffs in the light of new statements by the US President, trump on fees, adding that China is ready to respond if new tariffs on Chinese goods.
“If the U.S. published a new list of products worth $ 100 billion, China is ready and will be launched power response without hesitation,” Gao said at the briefing.
Presidents Donald trump said earlier on Friday in the U.S. will be a much stronger nation after proposed tariffs against China came into force, saying the move could cause “a little pain” in the short term.
“We have already lost the trade war. We do not have trade wars, we’ve lost the trade war,” said trump, adding that eventually the US will get from the established tariffs.
In a statement earlier on Friday, Zhang Ming, the head of the Chinese mission to the EU and urged Brussels to take a joint stance against US protectionism.
“China and the EU should take a clear position against protectionism, and work together to preserve the multilateral rules-based trade and keep the world economy on a solid and sustainable path.”
Earlier in the day China’s Ministry of Commerce said in a statement Beijing will take us “to the end at any price” if Washington ignores the opposition of China and the international community insists on holding unilateralism and trade protectionism.
According to the White house, the new rates were designed to offset the advantages that China gained through their unfair trade practices. Beijing responded to the new measures through the introduction of import duties on American products.
The Chinese side believes that these rates are unfair, as the United States, on the one hand, to selectively exclude certain countries and regions from having to pay these taxes, and on the other hand, they are introduced in a number of WTO members.
The Ministry of Commerce of China said that Beijing was forced to initiate a dispute resolution procedure to protect its legitimate interests, taking into account the fact that the American side refused to negotiate compensation.
In March, the President of the United States Donald trump has signed a decree on the introduction of a 25 percent tax on steel imports and 10% duties on aluminium. The new tariffs will be in place for an indefinite period of time, but the European Union and six other allies, including Argentina, Australia, Brazil, Canada, Mexico and South Korea were given a temporary exception, until may 1.
Sourse: sputniknews.com
