China yesterday increased tariffs on billions worth of US goods as it prepares to unveil a blacklist of “unreliable” foreign companies that analysts say aims to punish US and other foreign firms cutting off supplies to telecoms giant Huawei Technologies Co (華為).
Beijing’s move hits US$60 billion worth of US goods with new punitive tariffs ranging from 5 to 25 percent, and comes in retaliation for Washington raising punitive tariffs on US$200 billion of Chinese goods to 25 percent.
China said it would lay out its position on trade talks with the US in a white paper and hold a news conference on the issue today.
The document is to be released at 10am, after which Chinese Vice Minister of Commerce Wang Shouwen (王受文) is to take questions from reporters.
Washington and Beijing resumed their trade battle last month when talks in the US ended without a deal, with US negotiators accusing Chinese negotiators of reneging on previous commitments.
The countries have exchanged tariffs on US$360 billion in two-way trade so far.
The tit-for-tat tariff dispute has been upstaged in the past few weeks by Washington’s move to blacklist Huawei over national security concerns, threatening the firm’s global ambitions.
The US Department of Commerce placed Huawei on an “entity list” on grounds of national security on May 16, a move that curbs its access to US-made components it needs for its equipment.
A 90-day reprieve was later issued.
The Chinese Ministry of Commerce on Friday said it would release its own list of “unreliable entities” that break their commercial contracts and stop supplying Chinese firms.
“For China’s countermeasures, what we say, we do,” anchor Kang Hui (康輝) said on Chinese state-broadcaster CCTV’s primetime news show that aired across multiple Chinese stations.
“Talk and our door is open. Fight, and we will fight to the end,” Kang said.
The ministry said it would roll out the detailed measures against companies on the list shortly, noting foreign firms that break contracts, cut off supplies or take other discriminatory measures against Chinese firms would be included.
Additional reporting by Bloomberg
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