China will minimise the impact of its ongoing tariff war with the US on its economy by using tariff revenues to aid affected companies and employees, Beijing’s commerce ministry announced Monday.
The ministry of commerce stated on its website that while considering its countermeasures against the US’s $34bn tariff list, it had “fully considered the substitutability of imported goods, and the impact on overall trade and investment”.
It added: “The tariff revenues from the countermeasures will mainly be used to relieve the impact felt by companies and employees.”
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