MNI BRIEF: China To Defend Interests Following U.S. Tariffs
China will take resolute measures to defend its rights and interests following Washington’s decision to add additional tariffs to Chinese products, the Ministry of Commerce said on Tuesday.
MOFCOM noted the WTO has already ruled against using Section 301 tariffs, and today’s action went against the consensus reached by the two heads of state. “This will seriously affect the atmosphere of bilateral cooperation,” the MOFCOM statement read. (see CHINA/US: White House Unveils Sizeable Tariff Hikes On Certain Chinese Goods)
China’s trade should recover to pre-pandemic trends of single digit growth in 2024 driven by export demand for new manufactured goods, following flat results last year and despite western “overcapacity” accusations, a senior policy advisor to the National Development and Reform Commission recently told MNI. (See: MNI INTERVIEW: China Exports To Grow In 2024 )