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Apr 6, 2018

CNBC | Trade: China will not hesitate with 'major response' to new tariffs: Ministry of Commerce

cnbc.com

China will not hesitate with 'major response' to new tariffs: Ministry of Commerce

Evelyn Cheng

TESCO Soybean products sold in a Chinese supermarket, April 5, 2018. Zhang Peng | LightRocket | Getty Images
TESCO Soybean products sold in a Chinese supermarket, April 5, 2018.
If the U.S. goes through with an additional $100 billion in tariffs, China will not hesitate to fight back and is already prepared to, the Ministry of Commerce said.
"We will immediately fight back with a major response," the representative said during a Chinese-language briefing Friday in Beijing.
"We feel America is very arrogant. They have taken a wrong action. The result is that they will hurt themselves. If they release the list of $100 billion tariffs, China is prepared. And will not hesitate," he added.
U.S. President Donald Trump said late Thursday he instructed the United States Trade Representative to consider $100 billion in additional tariffs against China. Stock index futures fell sharply after the news, with Dow futures off more than 200 points, on fears of retaliation by China.
Thursday's announcement follows the Trump administration's late Tuesday proposal for 25 percent tariffs on imports of roughly 1,300 Chinese product lines valued at $50 billion, ranging from machinery to vaccines. Less than 24 hours later, China's Ministry of Commerce revealed a list of 106 imports from the U.S. that will be subject to a 25 percent tariff, including soybeans and cars.
No effective date for China's planned tariffs was announced at the time. The Office of the U.S. Trade Representative has planned a hearing on its proposed duties for May 15.