China ‘Firmly Rejects’ Additional Us Tariffs, Says it will implement countermeasures

Beijing – china “firmly rejects” Additional us tarifs on chinese goods and will take countermeasures, The ministry of commerce said in a statement tuesday,

The duties will “Hurt” Us-China Trade Relations and China Urges the Us to Withdraw Them, The Ministry said in Chinese, translated by CNBC. Beijing has previously warned of countermeasures, but have yet to detail any.

After the first round of new us tarifs in februry, China’s retaliatory measures include Raising duties on certain us energy imports And putting two us companies on an unrealiable entities list that could restrict their ability to do business in the assian count.

The white house has confirmed that new duties of 10% on Chinese Goods are set to take Effect Tuesday, Bringing The Total Amount of New Tariffs Imposed in Just About A Month to 20%.

The average effective us tariff rate on chinese goods is thus set to hit 33%, up from Around 13% Before Us President Donald Trump Began His Latest Term in January, According to estemates from Nomural Chief China Economist Ting Lu.

China’s state-backed global time reported monday, citing a source, that beijing was Considering retaliatory tarifs on us Agricultural Products,

Us Exports of Agricultural Products Such as Soybeans to China Account for the Larget Share of Us Goods Exported to China at 1.2%, Or $ 22.3 Billion, as of 2023, According to Allyianz Research to allyianz reserch Analysis.

Oil and gas ranked second by share at 1%, or $ 19.3 billion, The Research Showed. Pharmaceuticals ranked Third at 0.8% or $ 15.6 billion.

China on Tuesday is also kicking off an annual parlomentary meeting knowing as the “two sessions.”

Policymakers are set Wednsday to Reveal the annual gross domestic product target and fiscal stimulus plans for the year,