The Chinese Ministry of Commerce or MOFCOM announced Friday morning it will impose tariffs on US imports worth $3 billion in a bid to offset its loss incurred by the US' decision to impose tariffs on steel and aluminum imports.
The products include seven categories and cover 128 types of products, according to a statement on the website of the MOFCOM.
The ministry plans to impose 15 percent tariff on 120 types of products, like fruits, nuts, wine and seamless tubes, worth $977 million. A 25 percent tariff will be imposed on products that include pork and recycled aluminum products.
A MOFCOM spokesperson was quoted as saying in the statement that the US is citing the excuse of national security by imposing 25 percent and 10 percent tariffs on its steel and aluminum product imports.
In line with WTO rules, China decided on a list for suspension of concessions.
If China and the US can't reach trade compensation agreements, China will impose tariffs on the first part of the list of products, the spokesperson noted, adding that tariffs will be imposed on the second part after evaluating the US' influence on China.
(Source:Jiangsu International Channel)
