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China to take new measures to relieve impact of trade war with US on companies, says commerce ministry

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China has said it is considering to take new measures to relieve the impact of the escalating trade war with the US on companies, the Xinhua News Agency reported.

Speaking at a press conference on July 9, a spokesperson for Chinese commerce ministry said, " The US side imposed 25 percent tariffs on $34 billion worth of Chinese goods on July 6. To safeguard the interests of the country and the people, the Chinese side had to take necessary countermeasures."

"The Chinese side has taken full consideration of the substitutability of the imported products and the overall impacts on trade and investment when preparing the list of US products that would be subject to retaliatory tariffs," the spokesperson said.

"Meanwhile, the Chinese side would consider taking the following measures:

-- Continuously evaluate the impacts of the China-US trade war on different kinds of companies.

-- The new tax income from the countermeasures will be mainly used to relieve the impact of the China-US trade war on companies and their employees.

-- Encourage companies to adjust their import structure, and increase the imports of agricultural products such as soybeans and soybean meal, aquatic products, and automobiles from other countries and regions.

-- Step up the implementation of the guidelines released by the State Council on June 15 on making active and effective use of foreign investment and promoting high-quality economic development to reinforce the protection of corporate interests and create a better investment environment."

"We constantly improve our policies and welcome constructive suggestions from all sectors of society," the spokesperson said.

"For companies that are severely impacted, we suggest they report to local government departments"

Heightened tensions

The Trump administration slapped a 25 percent tariff on $34 billion worth of Chinese goods from midnight Washington time on July 6.

China immediately retaliated by imposing a similar 25 percent tariff on 545 US goods, also worth a total of $34 billion and accused the US of "launching the biggest trade war in economic history."

US President Donald Trump has threatened to further impose tariffs worth hundreds of billions of dollars on Chinese imports to the US.

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