China, US Impose Tit-for-Tat Trade Tariffs on Each Other

China, US Impose Tit-for-Tat Trade Tariffs on Each Other

Mevlut Katik

Date: Thu, 05/03/2018 - 13:24 / source:Yicai

(Yicai Global) May 3 -- Trade relations between the world’s two largest economies got sour after US President Trump signed a presidential memorandum to impose new tariffs on China and limit Chinese investment in his country.

Fears of a trade war affected global stock markets and currencies, while experts called for restraint and calm.

China's total foreign trade exceeded USD4.1 trillion last year, of which bilateral trade with the U.S. amounted to about USD580 billion, accounting for 14.1 percent, and China's non-financial direct investment overseas was USD120 billion, of which USD7.8 billion, or 6.5 percent, was invested in the US, the country’s commerce ministry said, stressing China will fight to the end if necessary.

The U.S. trade measures will also raise the prices of raw materials and consumer goods on its own territory, which will inevitably affect the U.S. consumers and manufacturing sector and ultimately hurt the well-being of the American people, the ministry reiterated. China noted that some industries and people in the US have already expressed their opposition to the new tariffs on Chinese products, it said.

China urges the US to abandon unilateralism and trade protectionism and take practical measures to resolve any differences through dialogue and negotiation to maintain the sound operation of China-US economic and trade cooperation, it added.

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Keywords: Trade Tariffs, China-US Trade Dispute