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MoneyChina announces retaliatory tariffs on US products

16:10  23 august  2019
16:10  23 august  2019 Source:   msn.com

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The Chinese State Council's commission on tariffs and customs said in an online statement that a 25 percent tariff will take effect July 6 on agriculture In a quick response to U . S . tariffs , Beijing announced on Friday its own duties on American products , including the politically sensitive areas of

The Chinese Ministry of Commerce announced on Tuesday that the country will retaliate against Trump’s new tariffs with its own 5-10 percent levies on

China announces retaliatory tariffs on US products © Susan Walsh File picture of President Donald Trump with Chinese President Xi Jinping during a meeting on the sidelines of the G-20 summit in Osaka, Japan (Susan Walsh/AP)

China has announced it will raise tariffs on 75 billion dollars of US products in retaliation for President Donald Trump’s planned September 1 duty increase in a war over trade and technology policy.

The official Xinhua News Agency said on Friday the tariffs of 10% and 5% take effect on two batches of goods on September 1 and December 15 but gave no details on what imports would be affected.

China announces retaliatory tariffs on US products © Provided by The Press Association A Chinese investor walks past electronic display boards at a stock brokerage house in Beijing (Mark Schiefelbein/AP)

Mr Trump previously announced plans to raise tariffs on an additional 300 billion US dollars of Chinese imports on September 1 but postponed a portion of that to December 15.

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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 China ’s actions, which were announced last month, came in response to the US tariff hike on 0 billion in Chinese imports after bilateral talks seeking

A total of 128 US products have been identified for tariffs if the two sides cannot come to an understanding. The response comes as US President Donald Trump announced plans Thursday to impose billion in tariffs on Chinese goods over alleged misuse of US intellectual property.

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China’s government appealed to Mr Trump this week to compromise in deadlocked talks aimed at settling the dispute that has battered exporters on both sides and threatens to tip the global economy into recession.

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