China has strongly opposed the United States imposing new restrictive measures on Chinese aluminium and steel products, condemning the move as unilateral and protectionist. The announcement came from China's Commerce Ministry, which denounced the US actions and labelled the accusations against China as groundless.
According to a ministry spokesperson, the newly imposed measures could triple tariffs on Chinese steel and aluminium products. The spokesperson emphasised that the US's actions ignore the established international economic and trade order and violate established rules. Furthermore, the statement criticised the US for politicising economic and trade issues and abusing procedures such as the Section 301 tariff review process.
What the Commerce Ministry stated
The Commerce Ministry's statement cautioned that the US's unilateral tariff adjustments on Chinese products won't effectively address domestic industry challenges in the US. Instead, it argued, these actions could heighten tensions and disrupt global industrial and supply chains, potentially undermining their security and stability, which would have repercussions on economies worldwide.
Responding to the US's actions, China urged the United States to address its challenges and refrain from escalating tariffs on Chinese goods. The ministry called for the immediate cancellation of additional tariffs on Chinese products, emphasising China's readiness to take necessary measures to protect its rights and interests.
The escalating tensions between the world's two largest economies underscore broader concerns about trade relations and global economic stability. The ongoing trade disputes between China and the US have intensified recently, with both countries imposing tariffs on each other's goods in retaliation.
Observers point out that while the US administration has cited concerns about unfair trade practices and intellectual property theft as justifications for its actions, critics contend that these measures may worsen trade tensions and have wider economic consequences.
The recent developments highlight the difficulties confronting global trade and emphasise the necessity for multilateral endeavours to tackle trade disputes and advance economic collaboration. As nations contend with the economic aftermath of the COVID-19 pandemic, resolving trade tensions becomes more crucial in fostering recovery and upholding the stability of the global economy.
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