China's Commerce Ministry called the USA decision to place the latest round of tariffs on Chinese goods "unreasonable", and said it chose to take counter measures, matching the tariffs in percentage and value.
"We expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than U.S. tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation".
The US is also considering further tariffs on another $200bn worth of Chinese goods which could come into effect in September. Chinese imports of goods and services into the United States previous year amounted to almost $524 billion.
In a statement Wednesday, the Chinese Commerce Ministry charged the United States has "once again put domestic law above worldwide law by imposing "very unreasonable" new tariffs on Chinese goods".
USA business leaders and scholars have warned that Washington's tariffs on additional Chinese imports could backfire.
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"[The] trade data don't show any significant impact from the first round of United States tariffs", Julian Evans-Pritchard, senior China economist at Capital Economics, said in a note to investors. And President Donald Trump has threatened to impose tariffs on virtually everything China sells to the United States.
"This second tranche of additional tariffs under Section 301 follows the first tranche of tariffs on approximately $34 billion of imports from China, which went into effect on July 6", it added. The list is heavy on industrial products such as steam turbines and iron girders.
Due to the rising trade tension between China and the United States, the trading arm of Chinese state oil major Sinopec is said to have suspended imports of crude oil from the United States. And Chinese regulators last month barred Qualcomm, a US telecom leader, from completing its $44 billion acquisition of Netherlands-based NXP, which would have made it a more formidable competitor for Chinese companies.
China fired back warning it would impose duties on $60 billion in USA goods. It was further argued by trade representatives in Washington during a July hearing that the tariffs would cause meaningless harm to the bike business and consumers. "They are aimed at fellow Americans", the economist said. That's 24% of all Washington exports according to the Washington Department of Agriculture.
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