China Retaliates over Trump Tariffs with 34% Levies, Export Controls, Blacklisting Dozens of US F...
TMTPOST -- China on Friday made good on a promise to hit back at U.S. President Donald Trump’s hefty 34% additional tariffs with a wide range of countermeasures, from the reciprocal tariffs, new export controls on rare earth, to blacklisting dozens of American companies and curbs on U.S. farm goods. Credit:Xinhua News Agency China will impose additional 34% tariffs on all products imported from the United States starting from April 10, the Customs Tariff Commission of the State Council announced in a statement on Friday. The commission noted that the existing bonded policies as well as tax reduction and exemption policies will remain unchanged, while the new additional tariffs to be imposed will not be reduced or exempted. China's Ministry of Commerce (MOFCOM)
US Commerce Chief Suggests Possible Lower Levies as Canada Hits Back with 25% Tariffs
TMTPOST -- U.S. Commerce Secretary Howard Lutnick suggested on Tuesday President Donald Trump may lower tariffs on Canada and Mexcico after the first round of tariffs immediately draw U.S. major trading partners’ retaliation. Credit:Xinhua News Agency Trump may roll back the 25% tariffs on Canada and Mexico as soon as Wednesday, Lutnick told Larry Kudlow, the host of Fox Business News’ “Kudlow”. “Both the Canadians and Mexicans were on the phone with me all day today trying to show that they’ll do better” on reducing fentanyl flows into the U.S., Lutnick said. “So I think [Trump] is ging t work something out with them. ” Lutnick said the Trump administration would not pause implementation of extra tariffs anymore, but the United States probably reaches compromise with
Trump Says Steel and Aluminum Imports to be Impose Tariffs on Monday, Followed by Reciprocal Tari...
TMTPOST -- U.S. President Donald Trump is vowing new round of tariffs to expand and deepen his trade war this week. Credit:Xinhua News Agency Trump told reporters he planned to announce levies on all steel and aluminum imports into the United States on Monday. ”We’ll also be announcing steel tariffs on Monday,” Trump said on Air Force One en route to the Super Bowl on Sunday. “Any steel coming into the United States is going to have a 25% tariff. “ "Aluminum, too," Trump added, when a reporter asked him whether it would also be subject to tariffs. Trump also said he planned to announce reciprocal tariffs on a news conference on Tuesday or Wednesday. Those new tariffs, which he said will come into effect "almost immediately", seems to deliver his threat during presidential ca
Trump Reported to Consider Declaring National Economic Emergency for New Tariffs
TMTPOST -- More signs are showing U.S. President-elect Donald Trump is mulling new tariffs that could trigger a worldwide trade war. Credit:Xinhua News Agency Trump is considering declaring a national economic emergency to legally allow for a large swath of universal tariffs on either allies or adversaries, CNN reported, citing sources familiar with the matter. Such declaration would empower Trump to create the tariff program under the International Economic Emergency Powers Act (IEEPA), which unilaterally authorizes a U.S. president to manage imports during a national emergency, according to the report. The aforementioned sources noted Trump prefers IEEPA since the law grants wide-ranging jurisdiction over how tariffs are implemented without strict requirements to prove the ta
China Vows All Necessary Defensive Measure after US Opens 301 Probe into Legacy Chips
TMTPOST -- China slammed the latest protectionist move by the Biden administration and vowed to take defensive measures following a new probe announced Monday. AI Generated Image China is strongly dissatisfied with and firmly opposes the Section 301 investigation into China's policies for the semiconductor industry launched by the Office of the United States Trade Representative (USTR), a spokesperson for the Ministry of Commerce of China (MOFCOM) said on Monday. The U.S. investigation has the obvious unilateral and protectionist tone, the spokesperson noted. The World Trade Organization (WTO) has already ruled that the U.S. government violated the WTO rules for its Section 301 tariffs on China, which aroused many WTO members’ opposition, and China has lodged serious represe
China Expresses Disapproval, Files WTO Complaint against Up to 45% EU Tariffs on EV
TMTPost -- China has requested the World Trade Organization (WTO) dispute consultations and filed a complaint with the WTO against the European Union’s extra tariffs on Chinese electric vehicles (EVs), a spokesperson with China’s Ministry of Commerce (MOFCOM) said on Wednesday, according to website of the ministry. Credit:Xinhua News Agency China does not approve of or accept the European Commission's decision to impose extra tariffs on China-made EVs, and will continue to take all necessary measures to resolutely defend the legitimate rights and interests of Chinese companies, said the spokesperson. China has repeatedly pointed out that the EU's anti-subsidy investigation on Chinese EVs has many unreasonable and non-compliant aspects, and such move is a protectionist practice of "unfair c
China and EU Trade Chiefs Reaffirm Price Commitment as Alternative Solution to EV Dispute Through...
TMTPost -- During their video call Friday, China and the European Union’s senior officials reaffirmed price commitment as an alternative solution to the electric vehicle (EV) tariff dispute. China's Commerce Minister Wang Wentao and European Commission Executive Vice President and Trade Commissioner Valdis Dombrovskis held a talk via video link on Friday. The two sides have decided to continue to make price commitment as the solution to the case, according to a statement released by the Ministry of Commerce of China (MOFCOM). China and the EU have reiterated willingness to solve the dispute over EU's anti-subsidy investigation into Chinese EVs through dialogue, Chinese state news agency Xinhua reported. According to the report, the minister Wang proposed in the talk that the
China Mulls Raising Tariffs on Certain Fuel Cars, noting EV Talks with EU Remain Significant Diff...
TMTPost -- China urges the European Union to take Chinese concerns seriously in negotiations over the subsidy duties on electric vehicles (EVs) while signaling the trade dispute could escalate with retaliatory tariffs. Credit:Xinhua News Agency China is studying increasing tariffs on imported fuel-powered vehicles with large-displacement engines, and will make a decision prudently after comprehensive consideration of various factors, said He Yadong, a spokesperson of the Ministry of Commerce of China (MOFCOM) at a press conference Thursday. At the press, He cautioned the EU not to undermine Chinese efforts to settle the dispute over punitive tariffs on EV imports from China. In response to a question on negotiations between China and the EU on EV tariffs, the spokesperson stressed th
China Lodges WTO Dispute Complaint Against New Canadian Tariffs on EVs, Steel and Aluminum
TMTPost -- China has lodged a World Trade Organization (WTO) dispute complaint against additional tariffs on Chinese-made electric vehicles (EVs) and steel and aluminum products imposed by Canada, a spokesperson of the Ministry of Commerce of China (MOFCOM) told reporters Tuesday. Credit:Xinhua News Agency Besides the complaint, China has also opened an anti-discrimination investigation into Canada's restrictive measures in accordance with the law, the spokesperson said, according to a statement on MOFCOM website. The spokesperson urged Canada to view bilateral economic and trade cooperation rationally and objectively, respect facts, abide by the WTO rules, and not go further and further down the wrong path. “China will take all necessary measures to resolutely safeguard the legitima