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Chinese business community strongly criticizes new tariffs

By Zhong Nan | chinadaily.com.cn | Updated: 2024-05-16 14:58

Employees check solar panel products at a tech company in Zhangye, Gansu province. WANG JIANG/FOR CHINA DAILY

The Chinese business community strongly opposes the United States' latest decision to increase tariffs on Chinese imports, calling on the US to promptly cancel the additional tariffs, said the China Council for the Promotion of International Trade in a statement on Wednesday.

On top of existing tariffs under the Section 301 of the US Trade Act of 1974, the US government decided on Tuesday to impose additional tariffs on its imports of Chinese products, including electric vehicles, lithium-ion batteries, solar cells, critical minerals, semiconductors, steel, aluminum, and port cranes.

Industries such as EVs, lithium batteries and photovoltaic cells in China are at the forefront of technological innovation and market competition, deeply embedding themselves in the global supply chain and making significant contributions to global efforts in energy conservation and sustainable growth, according to the trade body's spokesperson.

However, the US side is sidestepping the World Trade Organization's guidelines and exploiting the Section 301 tariff review process to notably escalate tariffs on specific Chinese imports, exemplifying unilateralism and protectionism, said the statement.

Concurrently, the US government is providing significant subsidies to domestic industries such as EVs and semiconductors, a move that starkly contradicts the principles of a market-driven economy and international trade norms, and threatens the stability and security of global industrial and supply chains, said the official.

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