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US-China trade war: China increases tariffs on $3 billion US products

US-China trade war: China increases tariffs on $3 billion US products
Chinese President Xi Jinping speaks during a joint press briefing with French President Emmanuel Macron, not shown, at the Great Hall of the People in Beijing, China January 9, 2018. REUTERS/Mark Schiefelbei/Pool

Beijing: US and China trade war is escalating continuously due to a dispute over trade and industrial policy. With China raising import duties on American products, president Xi Jinping on Monday said he is equating to the US tariff hike on steel and aluminium with import duties.

China has till now increased import duties on a $3 billion list of US pork, apples, nuts and other products, that are expected to hit America’s farm states. Meanwhile, Chinese authorities are ready for negotiation on the condition ‘they won’t back down should the US refuse to end its trade war with their country’.

“China has already prepared for the worst,” said Liu Yuanchun, executive dean of the National Academy of Development Strategy at Renmin University in Beijing. “The two sides, therefore, should sit down and negotiate,” CBN News quoted him saying.

“Our country advocates and supports the multilateral trading system,” the Finance Ministry said in a statement, adding that China’s tariff increase “is a proper measure adopted by our country using World Trade Organization rules to protect our interests.”

Countries like the US, Europe, and Japan noted China’s economic system hampers market access and protects Chinese companies to subsidize exports, that also violate Beijing’s free-trade commitments.