China Announces Reciprocal Tariffs On 106 US Products Worth US$50 Billion

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    As the US-China trade tension intensifies, China in a swift move has hit back with reciprocal tariff on the US goods worth US$ 50 billion. The move hints at a full-blown trade war between the world's two largest trading nations that caused a heavy sell-off in the global equity markets.

    China Announces Reciprocal Tariffs On 106 US Products Worth US$50 Billion

    The reaction comes in after the US made an announcement on Tuesday of a proposed list of 1,333 products imported from China on which an additional tariff of 25% amounting to USD 50 billion would be levied. The Office of the US Trade Representative (USTR) published a proposed list of products imported from China that could be subject to additional tariffs. The list includes China's high-tech products such as electric cars, industrial robots, jet engines and locomotives.

    Countering the move, China on Wednesday said it would impose 25% tariff on 106 products under 14 categories imported from the US that include soybeans, automobiles, whisky, chemicals, and aircraft. As per a CNBC report the effective date for the levy of the tariffs will be announced at a later date.

    "Disregarding strong representations by China, the US announced the tariff proposals that are completely unfounded, a typical unilateralist and protectionist practice that China strongly condemns and firmly opposes," China's Ministry of Commerce (MOC) said today.

    US President Trump has accused the Chinese economy of robbing the US by a variety of ways that includes intellectual property theft. In March, Trump signed a memorandum that could impose tariffs on some $60 billion in Chinese imports .

    Global stocks immediately after the announcemen reacted quickly  with Dow Futures, European stocks and Sensex shedding 1%.

    Goodreturns.in

    Story first published: Wednesday, April 4, 2018, 16:59 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more