China plans $3 billion of import tariffs against 128 US products - Reuters

China's commerce ministry is planning measures against up to $3 billion of U.S. imports to balance US tariffs against Chinese steel and aluminum products, according to a Reuters report. The move comes after US President Trump signed a presidential memorandum, targeting arget up to $60 billion in Chinese goods with tariffs over what his administration says is misappropriation of US intellectual property, but only after a 30-day consultation period that starts once a list is published.

Key quotes (Source: Reuters)

• Proposes a list of 128 us products to target with the import value of $3 bln in 2017.
• Will take measures against the products in two stages if cannot reach a trade agreement with us.
• US moves severely damage int'l multilateral trading system, hit normal order of global trade.
• China will take legal action under WTO framework to main stability and authority of global trading rules.
• Urges us to resolve issues with China as soon as possible to avoid harming the overall relationship.