China warns of retaliation as Mexico targets Asia-made cars with 50% tariff
The post China warns of retaliation as Mexico targets Asia-made cars with 50% tariff appeared on BitcoinEthereumNews.com. China has officially warned that it will retaliate after Mexico announced a plan to increase tariffs on Asia-manufactured cars, especially those made in China, to 50%, up from the current 20%. The warning was issued on Thursday night, when China’s Ministry of Commerce released a statement saying it “hopes Mexico will be extremely cautious, and think twice before acting.” The statement, according to CNBC, added, “We are not willing to see both sides’ economic cooperation affected by this situation.” This proposal came straight from Marcelo Ebrard, Mexico’s Secretary of Economy, who told reporters on Wednesday that the new tariff rate is part of a wider federal budget package and would impact around $52 billion worth of imports. He noted that Congressional approval is still required and that, if passed, the higher duties would be enforced 30 days later. The Mexican government is pushing this move while benefiting from the United States-Mexico-Canada Agreement (USMCA), which allows for tariff-free trade only when a large chunk of a vehicle is built within North America. In the same Thursday statement, China said it would “take necessary measures … to resolutely safeguard its legitimate rights and interests.” It also blasted Washington’s tariff practices, calling them coercive and arguing that they damage other countries’ interests: “The coercion of others should never sacrifice third-party interests.” China defends trade position as more countries apply pressure China’s complaint isn’t just about Mexico. Beijing pointed to what it called long-standing U.S. tariff abuses and warned against aligning with those policies. China also reminded the world that it has already imposed its own countermeasures in recent trade spats with Washington, including limiting exports of certain minerals used in high-tech industries; minerals where Chinese firms dominate the global supply chain. Even though China is unhappy with Mexico’s move, the ministry hasn’t used…
The post China warns of retaliation as Mexico targets Asia-made cars with 50% tariff appeared on BitcoinEthereumNews.com.
China has officially warned that it will retaliate after Mexico announced a plan to increase tariffs on Asia-manufactured cars, especially those made in China, to 50%, up from the current 20%. The warning was issued on Thursday night, when China’s Ministry of Commerce released a statement saying it “hopes Mexico will be extremely cautious, and think twice before acting.” The statement, according to CNBC, added, “We are not willing to see both sides’ economic cooperation affected by this situation.” This proposal came straight from Marcelo Ebrard, Mexico’s Secretary of Economy, who told reporters on Wednesday that the new tariff rate is part of a wider federal budget package and would impact around $52 billion worth of imports. He noted that Congressional approval is still required and that, if passed, the higher duties would be enforced 30 days later. The Mexican government is pushing this move while benefiting from the United States-Mexico-Canada Agreement (USMCA), which allows for tariff-free trade only when a large chunk of a vehicle is built within North America. In the same Thursday statement, China said it would “take necessary measures … to resolutely safeguard its legitimate rights and interests.” It also blasted Washington’s tariff practices, calling them coercive and arguing that they damage other countries’ interests: “The coercion of others should never sacrifice third-party interests.” China defends trade position as more countries apply pressure China’s complaint isn’t just about Mexico. Beijing pointed to what it called long-standing U.S. tariff abuses and warned against aligning with those policies. China also reminded the world that it has already imposed its own countermeasures in recent trade spats with Washington, including limiting exports of certain minerals used in high-tech industries; minerals where Chinese firms dominate the global supply chain. Even though China is unhappy with Mexico’s move, the ministry hasn’t used…
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