Beijing, Aug 24 (IANS) China is firmly opposed to the US announcement that it will further raise the tariffs on about $550 billion of Chinese imports, said the country’s Commerce Ministry here on Saturday.
“Such unilateral and bullying acts of trade protectionism and extreme pressure run counter to the consensus of the heads of state of China and the US, and run counter to the principles of mutual respect, equality and mutual benefit,” said a Ministry spokesperson.
The US announcement will “seriously damage the multilateral trading system and the normal order of international trade”, the spokesperson said, warning that Washington was “bound to bear the consequences of its own actions”, Xinhua news agency reported.
“China strongly urges the US not to misjudge the situation or underestimate the determination of the Chinese people. It must immediately stop its erroneous practices or bear all the consequences,” the spokesperson said.
This comes after US President Donald Trump on Friday announced higher tariffs on imports, escalating a mounting trade war between the two nations.
In a series of tweets on Friday, Trump announced an additional tariff increase of 5 per cent on imports from China.
He also hit out at Chinese plans to hit $75 billion of US goods with duties.
Trump described their action as “politically motivated” and accused them of “taking advantage” of the US.
“Sadly, past administrations have allowed China to get so far ahead of fair and balanced trade that it has become a great burden to the American taxpayer,” he tweeted.
“As President, I can no longer allow this to happen!”. Trump also said he had “hereby ordered” American companies to look for alternatives to China and suggested they make products in the US instead.
Earlier, China unveiled plans to increase duties between 5 per cent and 10 per cent on over 5,000 US products including agricultural goods, aircraft and crude oil.
It will also re-impose a suspended 25 per cent duty on US car imports.
The new tariffs, set to affect about $75 billion of US goods, will be imposed in two stages on September 1 and December 15.