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Biggest US tariffs on China take effect

By News Express on 24/09/2018

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•President Trump and his Chinese counterpart, Xi Jinping
•President Trump and his Chinese counterpart, Xi Jinping

China has accused the US of trade bullying after a new round of US tariffs on Chinese goods kicked in.

The US imposed tariffs on a further $200bn ($152bn) worth of Chinese products, the largest round yet in the escalating trade war between the economic superpowers.

The tariffs are in response to what the US says are unfair trading practices by China.

Beijing has retaliated with tariffs on $60bn of US goods.

In an official white paper, as reported by Xinhua news agency, China said the US was employing "trade bullyism practices", "intimidating other countries through economic measures", and hurting the global economy.

China has also accused the US of starting the "largest trade war in economic history".

The latest move takes the total amount of Chinese imports hit by US tariffs since July up to $250bn. This means about half of all Chinese imports to the US are now subject to new duties.

The latest escalation comes as China cancelled further trade talks with the US, according to media reports.
What happened on Monday?

The latest US duties apply to almost 6,000 items, making them the biggest round of trade tariffs yet from Washington.

They affect handbags, rice and textiles, although some items such as smart watches and high chairs have been exempted.

US companies importing the Chinese products in question will have to pay an additional 10% levy.

The tax will rise to 25% from the start of 2019, unless the two countries agree a deal.
In contrast, China is placing an additional 5% duty on US products including smaller aircraft, computers and textiles, and an extra 10% on goods such as chemicals, meat, wheat and wine. (BBC)

Source News Express

Posted 24/09/2018 12:14:28 PM

 

 

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