The Trump administration will slap a 10 percent tariff on about $200 billion in Chinese goods next week and more than double the rate in 2019, deepening what's shaping up to be a prolonged trade war between the world's two biggest economies.
Washington has already imposed 25 percent duties on $50 billion of Chinese goods over what it alleges are unfair trade practices.
The summary, released on Tuesday morning, quoted Zhong as saying "entrepreneurs are very anxious about the possible consequences of trade conflicts in the world's two largest economies, which we do not want to see".
Only last week, Beijing said it welcomed overtures from USA officials offering to re-start trade talks, but press reports indicate China would call off any meetings if the new punitive duties take effect.
The Trump administration has bypassed the WTO on its tariffs, however.
Trump's latest escalation of tariffs on China comes after several meetings yielded no progress. Washington remains open to negotiations but China must show it's seriously willing to make systemic economic changes, the senior administration officials said on Monday.
The White House has sought to pressure Beijing to reduce its trade surplus with the United States and protect intellectual property rights of American companies, which it says are abused in China.
Earlier, U.S. stocks closed lower on Monday, led by declines in technology and consumer discretionary stocks ahead of President Donald Trump's announcement regarding tariffs on $200 billion of Chinese imports. Beijing pushed back, slapping tariffs on $50bn worth of American goods. If China does retaliate, Trump threatened Monday to add a further $267 billion in Chinese imports to the target list.
However, the initial list announced in July was reduced by 300 product lines, sparing consumer electronics like smart watches and bluetooth devices, and child safety products such as high chairs, vehicle seats and play pens, among others.
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Some companies are looking to move out of China to dodge the tariffs, said Ted Murphy, a partner at the Baker McKenzie law firm. We are not asking for special treatment, but rather for an equal playing field in a nondiscriminatory business environment.
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The President of the USA Donald trump Monday, September 17, may announce the imposition of new duties on imported Chinese goods. The tariff level will probably be about 10 percent, the Wall Street Journal reported, quoting people familiar with the matter.
"These practices plainly constitute a grave threat to the long-term health and prosperity of the United States economy", Trump said in a White House statement.
"To protect its legitimate rights and interests and order in global free trade, China is left with no choice but to retaliate simultaneously", the commerce ministry said in a brief statement, without specifying what action it would take.
"Tariffs have put the USA in a very strong bargaining position, with billions of dollars, and jobs, flowing into our country - and yet cost increases have thus far been nearly unnoticeable", Trump said on Twitter. Make your products in the United States instead of China.
Trump initiated the fight to punish Beijing for what he says are China's predatory tactics to try to supplant USA technological supremacy.
Apple had said the U.S. tariffs would affect prices for a "wide range" of Apple products, including its Watch, in a letter commenting on administration proposals earlier this month. These tactics include hacking US companies to steal their trade secrets and forcing them to turn over their know-how in exchange for access to the Chinese market. "It has to take care of our workers". I have a lot of respect for China.
Apple shares fell 2.6 per cent, amid concerns it might be caught in the middle of an escalating trade war.
- China threatens retaliation, to cancel talks, if $200 bn tariffs imposed.
After a thorough study, the USTR concluded that China is engaged in numerous unfair policies and practices relating to United States technology and intellectual property? such as forcing United States companies to transfer technology to Chinese counterparts, he said.