China to impose 25 percent tariffs on 659 U.S. goods worth $50 billion

China will impose additional 25 percent tariffs on 659 U.S. goods worth $50 billion (£37.6 billion) in response to the U.S. announcement that it will levy tariffs on Chinese imports, the Chinese commerce ministry said.

Tariffs on $34 billion of U.S. goods including agricultural products such as soybeans will take effect from July 6, the ministry said. Soybeans are China’s biggest import from the United States by value.

The tariffs will also be applied to autos and aquatic products, the ministry said.

The list of 659 U.S. goods was longer than a preliminary list of 106 goods published by the commerce ministry in April, although the value of products affected remained unchanged at $50 billion.

Aircraft, included in the earlier Chinese list, was not on the revised list.

The effective date of the tariffs on the remaining $16 billion of U.S. goods will be announced later, according to the commerce ministry. Among the affected, $16 billion in U.S. goods include crude oil, natural gas, coal and some refined oil products.

U.S. President Donald Trump announced on Friday 25 percent tariffs on $50 billion of Chinese imports, in a move that looks set to ignite a trade war between the world’s two largest economies.

Trump said the tariffs would be imposed on a list of strategically important imports from China. He also vowed further measures if Beijing struck back.

“The U.S. has ignored China’s resolute opposition and solemn representation, and has insisted on adopting behaviours that violate WTO rules,” China’s commerce ministry said.

“This is a violation of the legitimate rights and interests that China is entitled to according to WTO rules, and is a threat to China’s economic interest and security.”

 

Source: Reuters

Zachary Ballif
The Kootneeti North America Team

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