China plans $3 billion of import tariffs against 128 US products - Reuters

Omkar Godbole FXStreet Contributor

China's commerce ministry is planning measures against up to $3 billion of U.S. imports to balance US tariffs against Chinese steel and aluminum products, according to a Reuters report. The move comes after US President Trump signed a presidential memorandum, targeting arget up to $60 billion in Chinese goods with tariffs over what his administration says is misappropriation of US intellectual property, but only after a 30-day consultation period that starts once a list is published.

Key quotes (Source: Reuters)

Proposes a list of 128 us products to target with the import value of $3 bln in 2017.
Will take measures against the products in two stages if cannot reach a trade agreement with us.
US moves severely damage int'l multilateral trading system, hit normal order of global trade.
China will take legal action under WTO framework to main stability and authority of global trading rules.
Urges us to resolve issues with China as soon as possible to avoid harming the overall relationship.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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