The Latest: China says tariffs to offset trade war fallout
The Latest on the tariffs, technology and trade dispute between the U.S. and China (all times local):
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China's commerce ministry says that Beijing will use revenues from higher import duties on U.S. products will be used to help companies that may be hurt by the trade dispute with Washington.
The higher duties on U.S. goods went into effect on Friday as the U.S. imposed 25 percent tariffs on roughly $34 billion of Chinese products.
The commerce ministry statement issued Monday said Beijing will use the increased revenue to "alleviate the impact on enterprises and employees." It gave no details.
The statement said importers would be encouraged to shift to buying soybeans and other farm goods from countries that aren't affected by the tariffs.
Chinese exporters are scrambling to cope with a plunge in U.S. orders while China's state press shrugged off the impact of Washington's tariff hikes in a spiraling technology dispute.
The overall blow from Friday's tariff hikes to the world's second-largest economy should be limited, according to private sector analysts. But President Donald Trump's measures targeting Chinese medical, construction and factory equipment hit small exporters that say price-conscious American customers have stopped buying.
The general manager of Wuxi Yushou Medical Devices Co., Ltd. in Wuxi, west of Shanghai, which sells syringes and other medical equipment, said he plans to fly to the United States next week to negotiate with customers who stopped placing orders even before the tariffs took effect.
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