Press "Enter" to skip to content

China Retaliates To New Tariffs On US Goods Worth $60bn

In a defensive attack, China has retaliated back to President Donald Trump by levying fresh business tariffs on goods from the US amounting to $60bn. This move comes following the US president’s decision to impose taxes on Chinese goods of the value of $200bn from coming Monday. The respective countries reaction and retaliation is intensifying the present trade relations between the two nations. China has levied duties on products like liquid natural gas which is produced in the areas that have proven to be loyal for Donald Trump. US president has warned the Republic of China against interfering in the soon to start midterm elections in the US. He tweeted on a social media network saying that China will have to face much more economic adversity if it targets the ranchers, farmers or factory workers in the US.

Previously, Trump had given a statement in favor of levying further fresh taxes on Chinese imports which implied that almost all the china products that were imported to the US would be under new taxes. The commerce ministry of China will start the imposition of new taxes from September 24, 2018. This is the same date when its counterpart has announced the imposition. However, the rate of Chinese import duties stands at a much lower rate than expected. China said that there will be an additional 5% of duty fee on products like small airplanes, textiles, and computers. They are planning to impose extra duties on items like wine, meat, wheat, and chemicals by 10% more.

In comparison to China, US are all set to levy tariffs on about 6000 different Chinese products. The total taxes, if counted, will be one of the largest set of duties levied by the US government at a time. They are going to include textiles, rice, and handbags. Some products which have been left out are high chairs and smartwatches. The duties are expected to start at a rate of 10% and escalate to 25% in absence of a subservient trade solution between the two nations.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *