labels: trade
China warns US Congress against raising tariffs on imports news
13 June 2007

Beijing: China has warned of reprisals against the United States if the US Congress adopts a bill raising tariffs on imports from the China.

Chinese foreign ministry spokesman Qin Gang told newspersons in Beijing," China has always held the view that China-US trade relations must reflect the interests of both sides and therefore require efforts from both sides."

Gang warned that the passage of the bill could lead to higher tariffs on imports from China."If this happens, relevant Chinese authorities will have to respond in kind."

The trade volume between China and the US reached $263 billion in 2006. Some American policymakers blame the China for keeping its currency artificially low for the rising US trade deficit with China.

Gang urged the US not to politicise the trade issue between the two countries, saying, "Domestic problems in the Unites States should not be blamed on China-US economics and trade. The two sides should resolve the bilateral trade disputes on the basis of mutual respect and equal negotiation, taking each other''s concerns into consideration."

With regard to the currency exchange rate, Gang said the Chinese Yuan''s exchange rate should reflect the economic conditions in China and be conducive to the development of the Chinese and the global economy. "Reforms to the Renminbi exchange rate are ongoing in order to better reflect market demand and supply, not to obey an order from the Capitol Hill," he said.

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China warns US Congress against raising tariffs on imports