Chinas retaliatory tariffs on $60bn of US products kick in
Chinas tariffs targeting $60 billion of American imports have taken effect as part of a tit-for-tat response to Washingtons trade war which saw Beijing slapped with extra levies on $200 billion worth of exports back in May.
Over 5,000 US products coming into China will now face a 25 percent import tax instead of the usual 10 percent. Higher tariffs will target a range of food products, including cooking oils, frozen vegetables, wine and beer, in addition to industrial minerals and chemicals, textiles and clothing. Consumer items ranging from home appliances to condoms will also be subjected to increased import duties, as will jewelry, metal products, and machinery parts.
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Chinas actions, which were announced last month, came in response to the US tariff hike on $200 billion in Chinese imports after bilateral talks seeking to avert a full-blown trade war failed.
To force Beijing into compliance with his demands, President Donald Trump and his administration are now threatening China with another tax increase on the remaining $325bn worth of goods. China, meanwhile, is considering a ban on rare earth mineral deliveries to the US, materials which are crucial in military industry anRead More