TOKYO, Aug 23 (KUNA) -- China said Friday it will impose retaliatory tariffs on US imports worth about USD 75 billion in response to the newly announced US tariff hikes on Chinese goods, state-run Xinhua News Agency reported Friday.
Based on laws and approved by the State Council, 5,078 American products will be subject to additional tariffs of 10 percent or 5 percent, the Customs Tariff Commission announced.
The tariff hikes will be implemented in two batches and take effect on September first and December 15, respectively, the commission said in a statement.
The US government announced on August 15 that it would impose additional tariffs of 10 percent on Chinese goods worth about USD 300 billion, effective on September first and December 15, respectively, in two batches.
"The US move has led to a further escalation of bilateral trade frictions, greatly damaging the interests of China, the US and other countries, and also gravely threatening the multilateral trading system and free trade principles," the statement said.
The commission will continue with the work of exempting certain items from additional tariffs, it said, adding China's imposition of additional tariffs is a forced response to US unilateralism and trade protectionism.
"We hope China and the US will resolve differences in a manner acceptable to both sides on the premise of mutual respect, equality, good faith, and consistency of words and deeds," the statement added. (end)