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China and the U.S. cancel negotiations on further tariffs on US$550 billion of Chinese goods

China and the U.S. cancel negotiations on further tariffs on US$550 billion of Chinese goods

On September 5, 2019, the Ministry of Commerce held a regular press conference to again discuss the issue of Sino-US trade friction.
In response to a reporter’s question, the spokesperson of the Ministry of Commerce Gao Feng said that China’s countermeasures are adequate for the US’s tariff increases. However, under the current situation, we believe that the issue that should be discussed is the cancellation of further US$550 billion of Chinese goods. Increase tariffs to prevent the trade war from escalating. The Chinese side is making solemn representations with the US side in this regard. As China has repeatedly emphasized, the escalation of the trade war is not good for China, not good for the United States, and not good for the interests of people all over the world, and may even bring catastrophic consequences to the world.

In response to the US starting to impose tariffs on US$300 billion of Chinese exports to the United States, China recently filed a lawsuit with the WTO.
The Ministry of Commerce website reported on September 2 that on September 1, the first batch of 15%tariffs on US$300 billion products exported to the United States from China was officially implemented. I filed a lawsuit under the WTO dispute settlement mechanism. The US taxation measures seriously violated the consensus of the two heads of state at the Osaka meeting. China is strongly dissatisfied and resolutely opposed. China will resolutely safeguard its own legitimate rights and interests in accordance with relevant WTO rules, and resolutely defend the multilateral trading system and international trade order.
Earlier, the Office of the United States Trade Representative (USTR) issued a notice stating that the tariff rate for products valued at US$300 billion originating in China was officially raised from the original 10%to 15%. The tariff adjustment will be implemented in two batches, on September 1, 2019 and December 15, 2019. In addition, USTR will also seek public opinion on raising the tariff rate on Chinese products worth US$250 billion from 25%to 30%.
(Source:Ministry of Commerce website)

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