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China strikes back in trade dispute with US with new tariffs
CHINA on Friday unveiled retaliatory tariffs against about US$75 billion worth of US goods, putting an additional 10 per cent on top of existing rates in the latest tit-for-tat exchange in a protracted dispute between the world's top two economies.
The latest salvo from China comes after the United States unveiled tariffs on an additional US$300 billion worth of Chinese goods, including consumer electronics, scheduled to go into effect in two stages on Sept 1 and Dec 15.
China's Commerce Ministry said in a statement it would impose additional tariffs of 5 per cent or 10 per cent on a total of 5,078 products originating from the United States, including agricultural products such as soybeans, crude oil and small aircraft. China is also reinstating tariffs on cars and auto parts originating from the US.
"China's decision to implement additional tariffs was forced by the US's unilateralism and protectionism," the Chinese ministry said in the statement, adding that its retaliatory tariffs would also take effect in two stages on Sept 1 and Dec 15.
US equity index futures fell on news of the Chinese tariffs, pointing to opening losses on Wall Street.
White House trade adviser Peter Navarro told Fox Business News separately that trade negotiations with China would still go on behind closed doors. The US Trade Representative's office had no immediate comment on the latest move by China.