"Our measures are equal and being equal means that if the US starts on July 6, we start on July 6," the source told Reuters on the condition of anonymity, adding that "the implementation time for all policies starts at midnight."
China's decision comes in the wake of the US pledge to introduce import tariffs on $34 billion of Chinese goods on July 6. Although China's move is due to be reciprocal, Beijing will be ahead of the US announcement because of the 12-hour time difference.
On June 15, Washington revealed that it would introduce additional 25 percent duties on 818 items of Chinese imports worth $34 billion on July 6. In response, China's State Council's commission on tariffs and customs vowed to retaliate imposing tariffs on American agriculture products and automobiles.
A threat of a full-scale trade war emerged when the United States in March imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports. Commenting on the US decision, Beijing called on Washington to avoid excessive use of protectionist trade measures, with China Iron and Steel Association calling the US import tariff policy "foolish protectionist measures."
In May, the US proposed tariffs on $50 billion worth of Chinese goods under an intellectual property probe. China vowed to implement its own retaliatory tariffs on US goods, including soybeans and aircraft, if the US duties are imposed.