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China mulls higher tariffs on US imports

TOKYO, March 23 (KUNA) -- China announced Friday that it is considering higher tariffs for imported US products worth about USD three billion to balance losses caused by the US tariffs on steel and aluminum imports from China, state media reported.
The Ministry of Commerce said that the measures will target 128 American products, according to Xinhua News Agency. It will include an additional 15-percent tariff on products including fruit, nuts and seamless steel tubes, and an additional 25-percent tariff on such as recycled aluminum products, the report said.
"The US move, restricting imports on national security grounds, has severely undermined the multilateral trade system led by the World Trade Organization (WTO), disrupted international trade order, and has drawn opposition from other WTO members," the ministry said. "China will take legal action under the WTO framework and work with other WTO members to safeguard the stability and authority of the multilateral trade rules." In a separate statement, opposing the US tariff plan on imports from China, the ministry also urged Washington to apply the brakes and be careful not to put bilateral trade relations in jeopardy, calling the recent US restrictive measures on China "a very bad precedent." On Thursday, US President Donald Trump signed a memorandum that could impose tariffs on up to USD 60 billion of imports from China and restrictions on Chinese investment in the US. (end) mk.hs