China Says No Export Tariff If Quotas Are Imposed
Accused of flooding world markets with cheap t-shirts and flax yarn, China now says its agreed-upon export tariffs are in jeopardy.
In response to rising criticism from the US and the EU, China has agreed to place higher export tariffs as much as five-fold, according to a BBC report. But that may not be enough.
The EU trade commissioner plans to meet with Chinese officials again later today about the problem. Meanwhile, the US continues to blame China for keeping its currency undervalued to increase export business.
Threatened with import quotas by both the US and the EU, China has now stated that it would respond to quotas by not increasing export tariffs as agreed.
“If the US and the EU formally carry out restrictions on any of these categories, we will not impose tariffs on the items in question,” the Commerce Ministry said.
David Utter is a staff writer for WebProNews covering technology and business. Email him here.