China urges domestic firms to boost non-American imports as trade war with US escalates
Beijing has called on Chinese firms to substitute American imports with those from other countries in response to US trade tariffs.
According to the Ministry of Commerce, China considered the substitution of imports and the overall impact on trade and investment while making up a list of US goods hit by import duties.
“We encourage companies to optimize the structure of imports, increase imports of soybean, agricultural products, as well as seafood and cars from other countries and regions,” said the ministry, explaining that the measures are aimed at mitigating the effects of the trade war with the United States.
It also noted that the profits from reciprocal tariffs will mainly be used to minimize the damage to Chinese enterprises and their employees. On Friday, Beijing retaliated with mirror measures against US imports hours after Washington introduced 25 percent trade tariffs on $34 billion worth of Chinese goods.
US tariffs are the first stage in levies threatened by the Trump administration on a total of $450 billion worth of Chinese goods. The American president told reporters that tariffs on an additional $16 billion in Chinese goods are set to take effect in two weeks. He added the US is ready to target an additional $200 billion, and then $300 billion more should Beijing retaliate.
For more stories on economy & finance visit RT's business section