U.S. tariff move hurting itself, the world: MOC

The United States is hurting itself as well as the world by imposing additional tariffs, China's Ministry of Commerce (MOC) said Thursday.

"If the United States starts imposing additional tariffs, it will actually be charging taxes on firms both in China and around the world, as well as American companies," MOC spokesperson Gao Feng said at a press conference.

Spokesman for China’s Ministry of Commerce Gao Feng at a press conference on July 7, 2018. [Photo: mofcom.gov.cn]

Gao pointed out that China is an important supporter and participant in economic globalization and global industrial chain, many of its export commodities are products made by foreign enterprises in China. "Around 59 percent of products worth 34 billion U.S. dollars subject to additional tariffs are made by foreign firms in China, with American firms making up a considerable part."

"The U.S. tariff move is in essence a hit to the global industry and value chain," Gao said. "To put it simply, the United States is firing at the whole world. It is also firing at itself."

Gao also dismissed concerns that American companies operating in China will be targeted during the trade frictions, saying the Chinese government will protect the legitimate rights and interests of all foreign-funded companies.

China has been been one of the most popular destinations for foreign investment for decades, not only because of the enormous size of its market, but also because the Chinese market represents stability, rationality and rule of law, Gao said.

"We will monitor the effect of the U.S.-provoked trade war on businesses and strive to help mitigate any possible impact," he said.