Trade war

China Plans Tariffs on $60 Billion of Imports to Counter US

Duties ranging from 5% to 25% will be levied on 5,207 kinds of American imports if the U.S. delivers its proposed taxes on another $200 billion of Chinese goods.

China announced a list of $60 billion worth of U.S. imports it plans to apply tariffs on should the Trump administration follow through with its latest trade threats.

Duties ranging from 5% to 25 % will be levied on 5,207 kinds of American imports if the U.S. delivers its proposed taxes on another $200 billion of Chinese goods, the Ministry of Finance said on August 3.

The retaliation stands to further inflame tensions between the world’s two biggest economies and echoes China’s response to the previous round of tariffs which took effect last month.

President Donald Trump this week ordered officials to consider imposing a 25% tax on $200 billion worth of imported Chinese goods, up from an initial 10 % rate. The move was intended to bring China back to the negotiating table for talks over U.S. demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit.

The Trump administration slapped duties on $34 billion of Chinese goods last month, which prompted immediate retaliation from China, and another $16 billion will likely follow in the coming days or weeks.

 

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