China is ready to talk to the US about trade frictions while preparing counter measures for the forthcoming list of tariffs on Chinese imports. China has nearly completed its list of retaliatory tariffs on US products and may release it soon.
US President Donald Trump signed a presidential memorandum on March 22 proposing tariffs on up to $60 billion of Chinese goods. The tariffs would follow a 30-day consultation period that starts once a list of goods is published. The US measures follow a so-called 301 investigation led by US Trade Representative Robert Lighthizer.
Lighthizer's office will publish a list of targeted products within 15 days from the signing of the memorandum, and there will be a 30-day period for public comment. Chinese officials have raised the US move at a meeting of the WTO's disputes settlement body and indicated that China strongly opposes the unilateral action. On Monday, China's Ambassador to the WTO Zhang Xiangchen called on other WTO members to oppose the Section 301 tariffs and "lock this beast back into the cage of the WTO rules.
Tu Xinquan, Professor at the University of International Business and Economics, says limiting China's exports to the US would affect US domestic customers and retailers, and if the US list includes production equipment, US downstream enterprises would be affected.