China's customs department informed markets on Thursday that China's retaliatory tariffs on US goods will take effect immediately after US tariffs on Chinese imports kick in.
The United States is due to impose the tariffs on Chinese exports.on July 6. While China has ruled out firing the first shot in the trade war with the US, it stands ready to retaliate in kind should the US implement tariffs on $34 billion of Chinese imports on July 6.
Key comments from China Commerce Ministry (Source: Reuters)
- US tariffs will hit global supply chains including foreign companies in China
- China will resist protectionism and support multilateral trading system
- China foreign trade will continue stable development in second half of the year
- China doesn’t want to fight a trade war started by the US
- If the US implements tariffs, China will have to respond
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