See More on Facebook

Economics

China pledges response if US imposes more tariffs

China says it will be forced to take necessary countermeasures if the United States insists on imposing new tariffs on $200 billion worth of Chinese goods.


Written by

Updated: September 10, 2018

China will closely monitor the impact caused by the tariffs and help domestic and foreign companies operating in China to overcome difficulties. China has confidence that it can maintain steady economic growth, said Gao Feng, a spokesman for the ministry.

US President Donald Trump’s administration has threatened 25 percent tariffs on the Chinese imports, including seafood, furniture, lighting products, tires, chemicals and plastics. The US plan could take effect as soon as Friday, when a public comment period on the proposal ends.

The two sides are still maintaining working communications after bilateral talks at the vice-ministerial level took place late last month in Washington, and any pressure the US applies will be ineffective in its dealings with China, Gao said.

The trade friction has been heating up for several months, and targeted goods have also expanded to automobiles.

Wei Jianguo, former vice-minister of commerce, said the US is handling relations with China in an extremely high-pressure and irrational manner. “In contrast, China is much calmer and values protecting domestic companies and minimizing their losses. Recent data shows that China’s foreign trade has stabilized and the growth momentum has been consolidated.”

Wang Huiyao, director of the Center for China and Globalization, a Beijing-based think tank, said that even though it is still unclear whether the new tariffs would be set at 10 percent or 25 percent, it would be highly disruptive to the global supply chain and would affect many countries. “Each side wishes the other side would back down first, but if nobody does, losses will continue.”

The US government already imposed 25 percent tariffs on $34 billion of Chinese imports in July and another $16 billion last month. Beijing responded in kind.

Chen Wenling, chief economist at the China Center for International Economic Exchanges, said China still needs to make long-term preparations for the Sino-US trade spat, which may require many years to resolve. China must diversify its exports, focus on the research and development of core technologies, such as semiconductors.



Enjoyed this story? Share it.


China Daily
About the Author: China Daily covers domestic and world news through nine print editions and digital media worldwide.

Eastern Briefings

All you need to know about Asia


Our Eastern Briefings Newsletter presents curated stories from 22 Asian newspapers from South, Southeast and Northeast Asia.

Sign up and stay updated with the latest news.



By providing us with your email address, you agree to our Privacy Policy and Terms of Service.

View Today's Newsletter Here

Economics

Bangladeshis will be richer than Indians by 2030

This according to a new report by Standard Chartered bank. Bangladeshis will be richer than Indians by 2030 as the country’s per capita income will grow nearly four times throughout the 2020s, according to Standard Chartered — in yet another endorsement of its tremendous growth momentum. The per capita income of Bangladesh will rise to $5,734.6 in 2030. India’s will edge up to $5,423.4 after growing less than three times, according to a research note from Madhur Jha, Standard Chartered India’s head of thematic research, and David Mann, the bank’s global chief economist. Last year, Bangladesh’s per capita income stood at $1,599.8 and India’s $1,913.2. The note highlights the economies around the world that are likely to grow the fastest in the 2020s. The threshold for the list is 7 percent, the approximate growth rate at which an economy can double in size every 10 years.


By Daily Star
May 17, 2019

Economics

Jobless rate hits 19-year high in Korea

Rate rises on back of youth unemployment. South Korea’s job market prolonged its downswing in April, with unemployment reaching its highest point in 19 years, government data showed Wednesday. The increasing pace of job creation also slowed further, especially in the retail and manufacturing sectors and among the economically active 30-40 age group. According to job figures released by Statistics Korea, the total number of jobless people surpassed 1.24 million as of April for the first time since the government started compiling the data in June 1999. The jobless rate stood at 4.4 percent, up 0.3 percentage point from a year earlier and marking the highest for any April since 2000, when Asia’s fourth-largest economy was reeling under the aftermaths of the Asian Financial Crisis. The jobless rate for young adults — those aged between 15 and 29 — also rose to a record-high 11


By The Korea Herald
May 16, 2019

Economics

Beijing stresses equality in trade talks with Washington

World market confidence dampened by escalation, Chinese state media says. Consultations between China and the United States are not a one-way street, and should be conducted amid a spirit of equality, State Councilor and Foreign Minister Wang Yi said on Monday in Russia. Wang said that it is pointless for one side to blame the other, or even to absolve themselves from responsibility. Wang stressed if one side is trying to place extreme pressure on the other, it will cause a legitimate counterattack. “The measures from us are not only to safeguard China’s own rights, but to protect the basic rules of the current multilateral trading mechanism,” Wang said. Wang made the remark in a joint news conference with his Russian counterpart Sergei Lavrov during his visit to the Black Sea coastal city of Sochi. Experts warned that the rising US tariffs on Ch


By China Daily
May 16, 2019

Economics

South Korea jobless rate rises to 4.4% in April

Weak job markets and uncertain macroeconomics have contributed to increased unemployment. South Korea’s jobless rate rose to 4.4 percent in April, government data showed Wednesday, in the latest sign of a weak job market amid an economic slowdown in Asia’s fourth-largest economy. The unemployment rate increased 0.3 percentage point from a year earlier, according to the data compiled by Statistics Korea. It also marked the highest level for any April since 2000, when the corresponding figure stood at 4.5 percent. The number of employed people reached 27.03 million in April, an increase of 171,000 from the same month in 2018.


By The Korea Herald
May 15, 2019

Economics

Beijing vows retaliation on US trade

Ministry expresses ‘deep regrets’ in wake of added tariffs on Chinese goods. The Ministry of Commerce expressed “deep regrets” on Friday at the United States’ move to impose additional tariffs on Chinese imports and vowed to take necessary countermeasures. The comments came shortly after the US increased the rate of additional duties on $200 billion worth of Chinese imports from 10 percent to 25 percent, a move that economists said amounts to “typical trade bullying” that will backfire to hurt its own interests. The commerce ministry said in a statement that the 11th round of China-US high-level economic and trade consultations are underway, and China hopes the two sides can work together to resolve existing issues cooperatively. Foreign Ministry spokesman Geng Shuang said at a daily news briefing that a healthy and stable Sino-US relationship serves the


By China Daily
May 13, 2019

Economics

Pakistan reaches agreement with IMF

The country will receive $6 billion over 3 years. The technical teams of the government and the International Monetary Fund (IMF) have reached an agreement on a bailout package for Pakistan, Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh announced on Sunday. “After months of discussions and negotiations, a staff-level agreement has been reached between Pakistan and the IMF,” he said while speaking on state-run PTV News. Dr Shaikh revealed that Pakistan would receive $6 billion worth of assistance under the IMF programme over a period of three years. He said the staff-level agreement, which must still be approved by the IMF board of directors in Washington, would show that


By Dawn
May 13, 2019