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Increased Tariffs on Chinese Products to Inflict Greater Losses on U.S. Companies, Consumers

By Xinhua|May 16,2024

An aerial drone photo taken on March 12, 2024 shows vehicles for export parking at Jiangyin terminal of Fuzhou Port in Fuzhou, southeast China's Fujian Province. (Photo/Lin Shanchuan, Xinhua)

Beijing - The United States has made further mistakes in continuing to politicize trade issues and increasing tariffs on Chinese products, which will only inflict greater losses on U.S. companies and consumers, Chinese foreign ministry spokesperson Wang Wenbin said on Wednesday.

Wang made the remarks at a daily press briefing when asked to comment on recent U.S. tariff hikes on Chinese electric vehicles and other products.

He stressed that the U.S. has made yet more mistakes in increasing these tariffs and in its continued politicization of trade issues. "This will only drive up the costs of imported goods significantly, inflict greater losses on U.S. companies and consumers, and force U.S. consumers to pay even more."

Moody's has estimated that 92 percent of the costs of the tariff hikes will fall on U.S. consumers, while average U.S. household expenditure increases by 1,300 U.S. dollars annually, Wang said, adding that the U.S. protectionist measures will bring increased damage to the security and stability of global industrial and supply chains.

"We have noted that several European political leaders have said that as far as tariffs are concerned, it is a bad idea to dismantle global trade," he said.

China urges the U.S. to observe WTO rules in earnest and cancel these additional tariffs immediately, he said, noting that China will take all measures necessary to defend its rights and interests.

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