China plans tariffs on $60 billion of imports to counter Trump
Duties of up to 25% will be levied on 5,207 kinds of American imports if Trump acts on his trade threats
China announced a list of $60 billion (Dh220.4b) worth of US imports it plans to apply tariffs on should the Trump administration follow through with its latest trade threats.
Duties ranging from 5 per cent to 25 per cent will be levied on 5,207 kinds of American imports if the US delivers its proposed taxes on another $200b of Chinese goods, the Ministry of Finance said in a statement on Friday.
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 per cent tax on $200b worth of imported Chinese goods, up from an initial 10 per cent rate. The move was intended to bring China back to the negotiating table for talks over US demands for structural changes to the Chinese economy and a cut in the bilateral trade deficit.
The Trump administration slapped duties on $34b of Chinese goods last month, which prompted immediate retaliation from China, and another $16b will likely follow in the coming days or weeks.
Updated: August 3, 2018 05:31 PM