China announces list of 106 US products in retaliatory tariffs

Global Business

China announces list of 106 US products in retaliatory tariffs

China on Wednesday unveiled a list of products worth $50 billion imported from the United States that will be subject to higher tariffs, including soy bean, automobiles and chemical products.

The Customs Tariff Commission of the State Council has decided to impose additional tariff of 25 percent on 106 items of products under 14 categories, the Ministry of Finance (MOF) said in a statement on its website.

The move was taken after the U.S. administration announced a proposed list of products subject to additional tariffs, which covers Chinese exports worth $50 billion with a suggested tariff rate of 25 percent.

“China has just announced its tariffs list involving nearly 50 billion U.S. dollars of U.S. imports. I have to say that China was forced to take the countermeasure and it has reacted with restraint,” Chinese Vice Commerce Minister Wang Shouwen told a press briefing.

The date of implementation will depend on when the U.S. government imposes the tariffs on Chinese products, the MOF said.

The Ministry of Commerce (MOC) said in a statement that the U.S. move was “an evident violation of relevant rules of the World Trade Organization (WTO).”

The U.S. move “severely infringed on the legitimate rights and interests that China enjoys in accordance with the WTO rules, and threatened China’s economic interests and security,” the MOC said.

Story compiled with information from Xinhua and CGTN.