The Ministry of Commerce Photo: VCG

In response to a media inquiry on US President Donald Trump’s memorandum directing his administration to determine "the equivalent of a reciprocal tariff with respect to each foreign trading partner” and whether China has made preparations to respond, China’s Ministry of Commerce (MOFCOM) said on Thursday that China is deeply concerned about the US' recent plan to impose so-called "reciprocal tariff” on all major US trading partners. 

The US approach not only violates WTO rules, but also disregards the balance of interests achieved through negotiations within the multilateral trading system over the past 80 years, as well as the fact that the US has long benefited significantly from international trade. This is a typical manifestation of unilateralism and protectionism, according to He Yadong, a spokesperson for the ministry.

The spokesperson further stated that if the US-proposed "reciprocal tariff” is implemented, it will undoubtedly severely damage the multilateral trading system based on rules such as the most-favored-nation treatment, disrupt the global supply chain, and create significant uncertainties for normal international economic and trade activities and many countries have clearly expressed their opposition.

China urges the US not to casually wave the "tariff stick" and use tariffs as a tool to engage in coercion. There is no way out of a tariff war, and there will be no winners. The US should correct its wrongdoings and work with other countries to find solutions through equal consultations, the spokesperson said.

Global Times