China hit back United States with new tariffs on $75 billion US imports



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China hit back United States with new tariffs on $75 billion US imports

On Friday, the 23rd of August 2019, spurring Beijing-Washington trade woes further, China said that it would impose a tit-for-tat tariff on $75 billion worth of US imports, hiking tariffs as much as 10 percent on top of pre-existing duties, as the world’s top two economies had been wrestling over inking a trade pact on their own terms.

In point of fact, latest China move to hike levies on US exports came forth after US President Donald Trump had imposed a tariff hike on all of the remaining Chinese imports, forcing Beijing to rise on the occasion and to impose a punitive tariff on US goods.

Besides, according to Friday’s (August 23rd) statement of the Chinese Government, Beijing would be putting an additional tariff between 5% to 10% over exports of a total 5,078 made-in-USA products ranging from farm goods such as Soybean and pork to small aircrafts to crude oil.

Nonetheless, on Friday (August 23rd), China had aimed at hiking tariff on US crude oil for the first time in three decades. Meanwhile, adding that Beijing was forced to react following a raft of reckless acts of US President Donald Trump, China’s Commerce Ministry said in a statement on Friday (August 23rd), “China’s decision to implement additional tariffs was forced by the U.S.’s unilateralism and protectionism”.

China’s retaliatory tariff was scheduled to take place in two stages, September 1st and December 15th, in line with United States’ China tariff, China’s Commerce Ministry said.