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https://www.cnn.com/2018/09/18/politics/china-us-tariffs/index.html
Hong Kong (CNN)China has fired back at the United States after President Donald Trump ramped up the trade war with his biggest wave of tariffs yet.
The Chinese government said Tuesday that it would impose tariffs on US goods worth $60 billion following the Trump administration's announcement that it was hitting $200 billion worth of Chinese goods with new tariffs.
The US tariffs start at a rate of 10%, before rising to 25% at the end of the year. They come into effect on September 24, and will apply to thousands of Chinese products, ranging from food seasonings and baseball gloves to network routers and industrial machinery parts.
China's new tariffs will be levied at rates of 5% or 10%, depending on the product, from the same date, China's state council said.
The latest clash deepens the conflict between the world's top two economies that is already hurting companies on both sides of the Pacific. The latest US move means roughly half of the products that China sells to the United States each year will be hit by American tariffs.
Beijing had previously threatened to impose tariffs of between 5% and 25% on US products such as meat, coffee, furniture and auto parts — if the Trump administration went ahead with its plan to target $200 billion of Chinese goods.
China had already gone blow for blow with the United States on tariffs on more than $50 billion of each other's goods this year.
Its decision to retaliate against the latest salvo from Trump raises the prospect of further escalation in the trade war. The White House warned Monday that it would respond to any retaliation from Beijing with yet more tariffs on roughly $267 billion of Chinese exports.
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Thanks Trump.
SMH
Hong Kong (CNN)China has fired back at the United States after President Donald Trump ramped up the trade war with his biggest wave of tariffs yet.
The Chinese government said Tuesday that it would impose tariffs on US goods worth $60 billion following the Trump administration's announcement that it was hitting $200 billion worth of Chinese goods with new tariffs.
The US tariffs start at a rate of 10%, before rising to 25% at the end of the year. They come into effect on September 24, and will apply to thousands of Chinese products, ranging from food seasonings and baseball gloves to network routers and industrial machinery parts.
China's new tariffs will be levied at rates of 5% or 10%, depending on the product, from the same date, China's state council said.
The latest clash deepens the conflict between the world's top two economies that is already hurting companies on both sides of the Pacific. The latest US move means roughly half of the products that China sells to the United States each year will be hit by American tariffs.
Beijing had previously threatened to impose tariffs of between 5% and 25% on US products such as meat, coffee, furniture and auto parts — if the Trump administration went ahead with its plan to target $200 billion of Chinese goods.
China had already gone blow for blow with the United States on tariffs on more than $50 billion of each other's goods this year.
Its decision to retaliate against the latest salvo from Trump raises the prospect of further escalation in the trade war. The White House warned Monday that it would respond to any retaliation from Beijing with yet more tariffs on roughly $267 billion of Chinese exports.
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Thanks Trump.
SMH
