China is trying to seek an “equal” position in future talks with the U.S. with Friday’s retaliation announcement, said Gai Xinzhe, analyst at the Bank of China’s Institute of International Finance in Beijing. “Any talks in the future, should they happen, should be conducted on an equal and faithful basis.”
Beijing’s plans for tariffs on $60 billion of U.S. goods includes an additional 5 percent in duty on about 600 kinds of U.S. products including planes and computers; another 10 percent on almost 1,000 products including wigs and textiles; an extra 20 percent on more than 1,000 items including some chemicals, cookers and paper; and an additional 25 percent on over 2,400 products such as meat, wheat, wine and LNG.
"China’s differential tax rate countermeasures are rational and restrained," the Ministry of Commerce said in a separate statement on its website. "The implementation date will be subject to the actions of the U.S., and China reserves the right to continue introducing other countermeasures."
This article was provided by Bloomberg News.