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China vows again to take measures against US levies

China vows again to take measures against US levies

Mubasher: China renewed its vow to retaliate against US tariffs, which are due to be implemented in the upcoming weeks.

Chinese State Council’s Customs Tariff Commission issued the brief statement on Thursday, despite President Donald Trump’s surprise statement on Tuesday to postpone the implementation of the new tariffs on certain imports from China, the Wall Street Journal (WSJ) reported.

President Trump’s threat to levy new duties “severely violated” a consensus reached with his Chinese counterpart Xi Jinping before during their meetings in Argentina and Japan, a Chinese official was quoted by the Tariff Commission.

The US proposal “deviated from the right track of resolving differences through dialogue,” the Chinese official said, adding that Beijing would have no other option but to take necessary countermeasures.

In response, US stock futures dropped after the terse statement, but later on losses were pared after a remark by China’s Ministry of Foreign Affairs voicing hopes that the two sides could reach an acceptable compromise “through equal-footed dialogue and consultation with mutual respect.”

In early August, Trump announced that he would levy a 10% tariff on around $300 billion worth of Chinese goods as from 1 September, citing Beijing failure to deliver on its pledge to purchase more agricultural products.

China responded with an official freeze on US agricultural imports, allowing its yuan (CNY) to dive below its lowest level since the financial crisis, which made Chinese exports cheaper.

Earlier this week, the US administration delayed plans to slap the scheduled levies on almost half of the $300 billion of Chinese goods to 15 December, on the grounds of the likely impact on US businesses and consumers ahead of the holiday shopping season.