China is strongly dissatisfied with and firmly opposes U.S. abuse of Section 301 to hike tariffs on some Chinese goods, the Ministry of Commerce said Saturday.
The Office of the United States Trade Representative on Friday announced final modifications concerning the statutory review of the tariff actions toward China under Section 301.
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China firmly opposes U.S. tariff hikes on Chinese goods: commerce ministry
China firmly opposes U.S. tariff hikes on Chinese goods: commerce ministry
China firmly opposes U.S. tariff hikes on Chinese goods: commerce ministry
China firmly opposes U.S. tariff hikes on Chinese goods: commerce ministry
China firmly opposes U.S. tariff hikes on Chinese goods: commerce ministry
China has repeatedly lodged solemn representations with the U.S. side concerning the Section 301 tariffs, said a spokesperson for the ministry.
The World Trade Organization (WTO) has already ruled that the Section 301 tariffs violate WTO rules. However, instead of rectifying its wrongdoings, the U.S. side further increases tariffs on Chinese products, adding one mistake to another, said the spokesperson.
The move is a typical practice of unilateralism and trade protectionism, said the spokesperson, adding that it seriously undermines the international trade order, as well as the security and stability of global industrial and supply chains.
Moreover, the move not only fails to solve the United States' own problems concerning trade deficits and industrial competitiveness, but also pushes up prices of U.S. imports and forces U.S. companies and consumers to bear the additional costs.
The 2024 Report on WTO Compliance of the United States, which was released Thursday by the ministry, once again expressed serious concern over the U.S. abuse of Section 301, and pointed out that the United States is a "disrupter of global industrial and supply chains."
The U.S. side had previously sought public opinions on the results of the Section 301 tariff review. The majority of opinions either opposed the imposition of additional tariffs or requested broader tariff exemptions.
This shows the Section 301 tariffs are unpopular among the U.S. public, said the spokesperson.
The United States should rectify its wrongdoings immediately and remove all additional tariffs on Chinese goods, the spokesperson said, adding that China will take necessary measures to firmly safeguard the interests of Chinese enterprises.
China firmly opposes U.S. tariff hikes on Chinese goods: commerce ministry
China firmly opposes U.S. tariff hikes on Chinese goods: commerce ministry
China firmly opposes U.S. tariff hikes on Chinese goods: commerce ministry
China firmly opposes U.S. tariff hikes on Chinese goods: commerce ministry
China firmly opposes U.S. tariff hikes on Chinese goods: commerce ministry
The U.S. Federal Reserve's 25 basis point cut on Thursday aligns with market expectations, said Li Fuyi, associate researcher at Institute for Foreign Economic Studies under the Academy of Macroeconomic Research.
The Fed on Thursday slashed interest rates by 25 basis points amid cooling inflation and a weakening labor market, marking the second rate cut in this easing cycle.
Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low. Inflation has made progress toward the Committee's 2 percent objective but remains somewhat elevated, the Federal Open Market Committee (FOMC), the central bank's policy-setting body, said in a statement.
"From a policy perspective, the 50 basis point cut in September was a more precautionary move, aimed at preventing the policy from lagging too far behind developments. Moving forward, the rate cuts should slow and follow a more gradual pace, allowing enough room for policy adjustments. The Fed would lower rates by another 50 basis points by the end of the year, so the November 25 basis point cut aligns with market expectations. In terms of economic data, Fed policy mainly responds to changes in employment and inflation," Li explained the interest rate cut.
"Currently, U.S. inflation is gradually approaching the Fed's 2 percent objective. For instance, the initial core PCE figure for the third quarter was 2.2 percent. At the same time, the labor market is roughly in line with the Fed's full employment target range. In this situation, there is no urgent need for a major rate cut. A moderate rate cut also avoids overly pessimistic market interpretations of the current economic situation. This approach is an optimal solution for the Fed's delicate balance between curbing inflation and avoiding economic cooling," she said.
US Fed's 25 basis point cut aligns with market expectations: expert