China, unafraid of trade war threat, prepares tariffs in response to planned US import duties.
TAIPEI, TAIWAN, April 05, 2018 /24-7PressRelease/ — Clifford Beaumont – China’s US ambassador, Cui Tiankai, has stated that the country will respond to further tariffs imposed by the United States with counter measures on the same scale.
Tiankai announced China’s plan to retaliate as the United States is expected to announce tariffs on up to $60 billion of Chinese imported goods this week.
Tiankai stated that if the US goes ahead with the planned tariffs, China will not hesitate to resort to countermeasures of the same intensity.
Clifford Beaumont analysts say the US tariffs are expected to focus on goods falling under the scope of China’s “Made in China 2025” development program. US officials have said that it could take as long as two months for the import duties to come into play.
Last week, China announced that it would impose duties on $3 billion worth of US goods in retaliation for the US metals tariffs that were introduced in March. Clifford Beaumont analysts fear that this could be the beginning of a global trade war that could hinder the global economic recovery.
China’s Foreign Ministry spokesperson stated that, although China does not want to cause a trade war or fight one, it is not afraid of one should it arise.
An investigation under Section 301 of the 1974 U.S. Trade Act started by U.S. President Donald Trump is targeting allegations of theft of intellectual property as well as unlawful transfer of technology by China. China has thus far vehemently denied these allegations.
Clifford Beaumont analysts say China is in the process of strengthening its laws around intellectual property rights.
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