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China retaliates, announces 25% tariffs on 106 US products

… Initiates WTO disputes procedure against the US.

China has announced a 25 percent raise in tariffs in 106 US products in retaliation to the tariffs raise of products from China by US President Donald Trump. The increase in tariffs will be in14 areas which include Chemicals, Soybeans, and Automobile.

The Chinese Finance Ministry says the increase in tariffs will depend on when the US imposes its tariffs. The US government had earlier stated that it will increase tariff in 1333 Chinese products worth about the US $50billion.

Chinese Finance Ministry has said, “China does not want a trade war which could only hurt the interests of both sides, and the prospects of the world economy.”

It stated that “China does not fear a trade war. If the US insists on fighting a trade war, China will go with it. If the US is willing to negotiate, the door is open.”

Meanwhile, China initiated World Trade Organisation (WTO) dispute procedure against the US. The Chinese Commerce Ministry says it opposes unilateral action which is a gross violation of the WTO’s fundamental principles.