China Voices Readiness to Pay 'Any Cost' in Trade War
Earlier, China has officially initiated dispute settlement proceedings in the World Trade Organization in connection with the introduction of US import taxes on aluminum and steel.
"If the US side disregards opposition from China and the international community and insists on carrying out unilateralism and trade protectionism, the Chinese side will take them on until the end at any cost," the Chinese Ministry of Commerce said in a statement.
According to the White House, new tariffs were designed to offset the advantages that China had gained through their unfair trade practices. Beijing responded to the new measure by imposing import tariffs on US products.
The Chinese side considers these tariffs unfair, as the United States, on the one hand, selectively excluded some countries and regions from needing to pay these taxes, and on the other hand, introduced them against some WTO members.
The Chinese Commerce Ministry said that Beijing was forced to initiate a dispute resolution procedure to protect its legitimate interests, taking into account the fact that the US side refused to negotiate compensations.
In March, US President Donald Trump signed an order to impose a 25-percent import tax on steel and 10-percent duties on aluminum. The new tariffs would be in place for an unspecified period of time, but the European Union and six other US allies, including Argentina, Australia, Brazil, Canada, Mexico and South Korea, were given a temporary exception until May 1.
- Source : Sputnik
