China adds additional 25 per cent tariffs as all-out trade war edges ever closer

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Source: Bloomberg

Soybeans, cars among products to be hit with punitive action, State Council says

04 April 2018 |Zhuang Pinghui  Wendy Wu| South China Morning Post

“Beijing wasted little time in hitting back at Washington’s latest round of tariffs on Chinese imports by announcing a new list of US products that would be subject to punitive action, as the world’s two largest economies edge ever closer towards an all-out trade war.

China’s State Council said on Wednesday it planned to impose additional tariffs of 25 per cent on 106 US products imported into the country, including soybeans and cars, CCTV reported.

The Ministry of Commerce said the import value of the goods on the list in 2017 was US$50 billion.

China will give as good as it gets in trade war with United States, ambassador says

Beijing’s response came just hours after the United States Trade Representative Office released details of Chinese imports worth about US$50 billion that it planned to hit with 25 per cent tariffs, with the emphasis on industrial and hi-tech goods.

The US announcement came after an investigation into China’s trade practices and policies, including “Made in China 2025”, Beijing’s strategy to guide the country’s industrial modernisation.

The US list covers 1,300 items, including high-definition colour video monitors, electromagnets used in MRI machines, aerospace products, and machinery used to make processed textiles, printed products and food.

Donald Trump’s US$50b tariffs target Beijing’s ‘Made in China 2025’ tech strategy

Beijing responded immediately to the US announcement saying it would “take corresponding measures of equal scale and strength against US products in accordance with Chinese law”.

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