China on Saturday 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 foreign firms cutting off supplies to telecoms giant Huawei.
A man looks at a disassembles car on displayed at a museum in Beijing on June 1, 2019. China’s manufacturing activity contracted more than expected in May, official data showed on May 31, amid a bruising trade war with the United States and slowing domestic demand. AFP PHOTOThe tit-for-tat tariff war has been upstaged in recent weeks by Washington’s move to blacklist Chinese tech giant Huawei over national security concerns, threatening the firm’s global ambitions.
“For China’s countermeasures, what we say, we do,” said anchor Kang Hui on Chinese state-broadcaster CCTV’s primetime news show that aired across multiple Chinese stations Friday.China’s commerce 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.
“China is ready to wage a protracted economic and trade war with the United States,” the nationalist paper said in an editorial.“It is quite clear now that this is no longer a trade dispute and will extend much more broadly to punitive economic measures that each side can inflict upon each other,” said Christopher Balding, a China expert at the Fulbright University Vietnam, adding it was reasonable to expect further escalation by each side.
The list includes beauty products, sports equipment, musical instruments, wine, condoms, diamonds, wood, fabric and toys.
Source: News Formal (newsformal.com)
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