(May 14): China pushed back against a US move to add tariffs on a wide range of Chinese imports, and vowed to take action against the decision.
“China will take resolute measures to safeguard its own rights and interests,” the Ministry of Commerce said in a statement. “The US should immediately correct its wrong actions, and cancel the additional tariff measures against China,” it said.
US President Joe Biden is hiking tariffs on imports including semiconductors, batteries, solar cells, and critical minerals. The US will also raise levies on port cranes and medical products, in addition to previously reported increases on steel, aluminium, and electric vehicles. The plan, which will affect about US$18 billion (RM84.92 billion) in current annual imports, will be formally announced on Tuesday.
China called the additional tariffs a “political manipulation”, with the move coming ahead of US elections this year.
Biden is trying to balance looking strong on China to protect US jobs without unleashing economic pain that could destabilise the relationship. Last month, he vowed 25% tariffs on Chinese steel and aluminium that were largely toothless, as the Asian nation sells little of either metal to America, and a shipbuilding probe that will likely take a long time to conclude.
Source: TheEdge - 15 May 2024
Created by edgeinvest | Aug 23, 2024
Created by edgeinvest | Aug 23, 2024
Created by edgeinvest | Aug 23, 2024
Created by edgeinvest | Aug 23, 2024
Created by edgeinvest | Aug 23, 2024
Created by edgeinvest | Aug 23, 2024
Created by edgeinvest | Aug 23, 2024
Created by edgeinvest | Aug 23, 2024
Created by edgeinvest | Aug 23, 2024