China Imposes Retaliatory Tariffs On US Imports
China would push fresh tariffs on a range of agricultural imports from the United States from the next week in retaliation against a hike in levies by the US. The decision came in response to US President Donald Trump’s inking an order to increase a previously imposed 10 percent tariff on China to 20 percent.
Beijing announced the fresh levies condemning the unilateral imposition of tariffs by the US. Beijing’s commerce ministry said to file a lawsuit at the World Trade Organisation (WTO) over the additional 10 percent tariffs.
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The Beijing finance ministry said that the move ‘exacerbates the burden on US companies and consumers and undermines the foundation of economic and trade cooperation between China and US’.
Beijing finance ministry said that additional 15% tariffs will be imposed on chicken, wheat, corn and cotton imported from Washington. Also additional 10% tariffs will be put on sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables and dairy products.
Also, US President has imposed a new 25% tariffs on imports from Mexico and Canada took effect on Tuesday, launching a new trade war with the top three US trading partners.
Trump said that all three countries have failed to do enough to curb the flow of deadly fentanyl opioids and their precursor chemicals into the US.
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Canadian PM Justin Trudeau said to respond with immediate 25% tariffs on C$30 billion worth of US imports and another C$125 billion if Trump’s tariffs were still in place in 21 days.
The US-China trade war has been goingon since US President Donald Trump signed an executive order calling for tighter tariff in anti-dumping cases in 2017. In January 2018 US announced a 30% tariffs on imported solar panels mostly coming from China. The Biden administration also imposed new restrictions on selling semiconductors and chipmaking equipment to China.
Trump has remained highly critical of the trade deficit and even during his campaign he said to impose tariffs of at least 60% on all Chinese imports if he wins a second term in office.
