China puts $75bn of retaliatory tariffs on US goods
(The Guardian) – China has unveiled retaliatory tariffs against about $75bn (£60bn) worth of US goods, putting up to 10% on top of existing rates in the latest tit-for-tat in the dispute between the world’s top two economies.
The salvo from China on Friday comes after the US unveiled tariffs on an additional $300bn of Chinese goods, including consumer electronics, scheduled to go into effect in two stages on 1 September and 15 December.
China’s commerce ministry said in a statement it would impose additional tariffs of 5% or 10% on a total of 5,078 items from the US, including agricultural products such as soya beans, and crude oil and light aircraft. It also reinstated tariffs on cars and car parts originating in the US.
“China’s decision to implement additional tariffs was forced by the USs unilateralism and protectionism,” the ministry said.
US equity index futures fell on the news of the tariffs, pointing to opening losses on Wall Street.
The White House trade adviser Peter Navarro told Fox Business Network that trade negotiations with China would still go on behind closed doors. The US trade representative’s office had no immediate comment on China’s tariffs announcement.