BEIJING, Aug 24 (Reuters) - China said on Saturday itstrongly opposes Washington's decision to levy additionaltariffs on $550 billion worth of Chinese goods and warned theUnited States of consequences if it does not end its "wrongactions".
The comments made by China's Ministry of Commerce came afterthe U.S. President Donald Trump announced on Friday thatWashington will impose an additional 5% duty the Chinese goods,hours after Beijing announced its latest retaliatory tariffs onabout $75 billion worth of U.S. goods, in the latest tit-for-tatmoves in their bilateral trade dispute.
"Such unilateral and bullying trade protectionism andmaximum pressure violates the consensus reached by head of Chinaand United States, violates the principle of mutual respect andmutual benefit, and seriously damages the multilateral tradesystem and the normal international trade order," China'scommerce ministry said in a statement on Saturday.
"China strongly urges the United States not to misjudge thesituation or underestimate determination of the Chinese people,"it added.
Trump's latest tariff move, announced on Twitter, said theUnited States would raise its existing tariffs on $250 billionworth of Chinese imports to 30% from the current 25% beginningon Oct. 1, the 70th anniversary of the founding of the communistPeople's Republic of China.
At the same time, Trump announced an increase in plannedtariffs on the remaining $300 billion worth of Chinese goods to15% from 10%. The United States will begin imposing thosetariffs on some products starting Sept. 1, but tariffs on abouthalf of those goods have been delayed until Dec. 15.
Trump was responding to Beijing's decision on Friday nightthat it was planning to impose retaliatory tariff on $75 billionworth of U.S. imports ranging from soybean to ethanol. Chinawill also reinstitute tariffs of 25% on cars and 5% on autoparts suspended last December.
The White House economic adviser said earlier in the weekthe Trump administration was planning in-person talks betweenU.S. and Chinese officials in September. It is unclear if thebilateral meeting would still take place.
The year-long trade war between the world's two largesteconomies has roiled financial markets and shaken the globaleconomy.(Reporting by Winni Zhou and Se Young Lee; editing by JasonNeely and Ros Russell)