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TRUMP HITS CHINA WITH $200BN NEW TARIFFS

China’s / US escalating trade war saw the United States imposing new tariffs of a $200bn us Dollars. The new tariffs will apply to almost 6,000 items, marking the biggest round of US tariffs so far. Handbags, rice, and textiles will be included, but some items expected to be targeted such as smart watches and high chairs have been excluded. The Chinese commerce ministry said it had no choice but to retaliate but is yet to detail what action it will take. The US taxes will take effect from 24 September, starting at 10% and increasing to 25% from the start of next year unless the two countries agree on a deal.
Earlier he had suggested that this would mean further US tariffs on another $267bn worth of Chinese products. Such a move would mean roughly all of China’s exports to the US would be subject to new duties.

The Chinese commerce ministry said it would impose its tariffs from 24 September – the date the US duties come into effect – but at lower rates than previously expected.

It will place an additional 5% in duty on US products including smaller aircraft, computers and textiles, and an extra 10% on goods such as chemicals, meat, wheat, and wine.

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

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

Source
BBC News: China hits back at Trump with tariffs on $60bn of US goods

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