The Imposed Tariff Was Implemented Since June 1St. Is It A Buffer?

China has imposed tariffs on some imported goods originating in the United States since June 1st.

The Ministry of Commerce responded.

Since the United States announced that since May 10, 2019, the tariff rate on goods imported from China has increased from 10% to 25%, and the Chinese side has announced countermoves. Since June 1, 2019, 0 has increased the tariff rate on some imported commodities originating in the United States.

Why did it start in June 1st in order to leave a few weeks of buffer?

The outside world noticed that the Chinese government did not set the tariff rate of all 60 billion US dollars into 25%, but divided into 5%, 10%, 20% and 25% levels.

The Ministry of Commerce responded to the summit.

China does not want to fight trade wars, but it is not afraid of trade wars. China has to take the necessary counter measures for the us to impose tariffs.

The Chinese side noted that the office of the United States trade representative and the US Customs and Border Protection Bureau announced in the announcement that 10% tariff rates would be applied to the goods that had left China before May 10th and entered the United States before June 1st, but this did not change the fact that the United States imposed new tariff measures on the export of Chinese products to the US in May 10th.

China has always opposed unilateral tariff measures.

The increase in tariffs by the US side will only bring greater difficulties to consultations.

We urge the United States to cancel the wrong practices as early as possible, avoid greater losses to Chinese and American businesses and consumers and have a destabilizing effect on the world economy.

A reporter suggested:

The United States is threatening to impose tariffs on 300 billion dollars worth of goods. But China's total imports from the United States have not reached that figure and can not be counteracted equally. What actions will China take to protect its own interests?

President Trump said he plans to meet with President Xi Jinping next month. Is there any plan for further negotiations between the US and China in the next few weeks?

The Ministry of Commerce replied:

In May 13th, the office of the United States trade representative issued a notice announcing the launching of a tariff levy of about 300 billion US dollars on goods exported to the United States.

Us bullying and extreme pressure are against the multilateral trade rules. China firmly opposes this.

If the US insists on its own way, China will have to make the necessary response.

The Chinese side has always believed that the practice of increasing tariffs is not conducive to the solution of economic and trade problems.

China has never been afraid of any pressure, but also has confidence, determination and ability to deal with any risks and challenges.

China does not have the US plan to negotiate with China.

In the eleventh round of Sino US economic and trade consultations, the two sides had a frank and constructive exchange.

But it is regrettable that the unilateral escalation of trade frictions by the US side has seriously frustrated Sino US economic and trade negotiations.

Losses caused by trade wars to the economy

Recently, many research institutions and scholars have been estimating the losses caused by trade wars to the economy.

Does China have any specific assessment data on the losses caused by the existing tariff measures to China's economy and trade?

In addition, what measures will China take to hedge against the existing tariff escalation?

We notice that there are many consumer goods in the latest Chinese counterpart list. Will this wave of counteraction lead to a rise in the price of consumer goods in China?

The Ministry of Commerce replied:

The escalation of trade frictions between China and the United States will have an impact on the economic and world economies of China and the United States.

In terms of China's economy, the impact is completely controllable.

In the second half of last year, we have issued steady employment, stable finance, stable foreign trade, stable foreign investment, stable investment, and steady anticipation of "six stability" measures, which have achieved considerable results.

We will further implement the "six stability" measures to solve the difficulties faced by enterprises.

At present, the prices of domestic consumer goods are stable. We will pay close attention to the trend changes and take the necessary measures in time.

We note that American institutions such as the American Soybean Association and the US China Trade Commission have recently called for a further tariff escalation. The equipment manufacturers association also warned that tariffs on imported products from China would bring terrible consequences to the manufacturers of the industry, or even 400 thousand jobs for the industry in the next 10 years.

The domestic industry is opposed to the call for tariffs, and now more and more people feel the impact of tariff increases. American businesses and consumers are victims.

This also fully proves that there is no winner in trade wars, which will damage the interests of China and the United States and the whole world.