MoC: China ready to strike back US' new tariffs
Source: Mysteel
Jun 19, 2018 14:49
China’s Ministry of Commerce (MoC) made it clear in its latest post on the morning of June 19 that it is ready to fight back any additional tariffs from the US “in a comprehensive measure with the combination of quantity and quality”, according to the MoC post.
The remarks are directed at the latest threat from the US authorities that the government will add on another list of tariffs targeting at Chinese products worth $200 billion in trade value on June 18, MoC explained.
“Such practice of imposing extreme pressure and blackmailing is contrary to the consensus the two sides have reached through rounds of negotiations, and it is a great disappointment to the international community,” MoC commented.
This has been another move in a few days from the US government after its announcement on June 15 to impose 25% tariffs on Chinese goods valuing $50 billion, with $34 billion of products to be taxed starting July 6.
China, in safeguarding its legitimate rights, identified a list of US products with equivalent value on June 16 also for 25% tariffs, and $34 billion of products will be imposed the duties starting July 6 too. China’s list of the US goods comprises automobile, seafood, and agricultural produce such as soybean.
"The trade war triggered by the US is against the law of the market and against the trend of the global development, and it will undermine the interests of the Chinese and American people and their enterprises, as well as the interests of the people all over the world," MoC added.
China’s steel market participants have been closely monitoring the development of the Sino-US trade friction, though few of them have appeared too upset or overconcerned.
“The US has not been a core market for China’s steel products, and the US’ changing its mind all the time may benefit China in the end, as the other countries, also under the threat of the US import tariffs and tired of the uncertainties, may feel inclined to strengthen their cooperative relationships with China instead,” a Beijing-based steel analyst commented.
China consumes a majority of its industrial products domestically, as for steel, the domestic consumption accounts for around 90%, which will not be affected much including steel, at least not in the short or medium term, a Shanghai-based market source added.
Over January-May, China produced 434.7 million tonnes of finished steel, up 6.2% on year, while its finished steel exports totaled 28.5 million tonnes over the same period, down 6.3% on year, according to China’s official data.
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