Hey amigos! Big news from the trade world 🌍: China is standing up against new U.S. tariffs that have just been announced. On Monday, the Chinese Ministry of Commerce expressed strong opposition 💢 to the additional tariffs on some Chinese goods.
The U.S. Trade Representative's office recently decided to hike tariffs under Section 301 of the Trade Act of 1974. The products affected? Certain tungsten items, wafers, and polysilicon. Not cool, right?
China points out that the World Trade Organization (WTO) has already ruled these Section 301 tariffs are a no-go and violate WTO rules 🚫. The ministry stated it will take firm measures to protect its rights and interests.
The Chinese side believes that these tariff moves won't fix the U.S. trade deficit. Instead, they might hurt American consumers' wallets 💸 and mess up the global economic scene, causing chaos in international supply chains.
\"The U.S. should fix its mistakes pronto and lift the extra tariffs imposed on China,\" the ministry urged.
Looks like this trade tango between the two giants is heating up! Stay tuned for more updates. 🎧
Reference(s):
China opposes U.S. tariff hikes, pledging measures to defend rights
cgtn.com
