China announces retaliatory
tariffs on $34 billion worth of US goods, including agriculture products, by
Evelyn Cheng, 6/15/18, CNBC.com
The
Chinese State Council's commission on tariffs and customs said in an online statement
that a 25 percent tariff will take effect July 6 on agriculture products,
automobiles and "aquatic products."
The
tariffs counter the United States Trade Representative's announcement earlier
on Friday that the U.S. will initially impose an additional 25 percent tariff
on 818 Chinese imports worth about $34 billion on July 6.
In
a quick response to U.S. tariffs, Beijing announced on Friday its own duties on
American products, including the politically sensitive areas of agriculture
products and automobiles.
The
Chinese State Council's commission on tariffs and customs said in an online
statement that a 25 percent tariff will take effect July 6 on $34 billion of
U.S. goods.
The list includes soybeans, electric vehicles, a
range of hybrid electric vehicles, a variety of seafood and pork, according to
the Ministry of Commerce.
The
tariffs counter the United States Trade Representative's announcement earlier
on Friday that the U.S. will initially impose an additional 25 percent tariff
on 818 Chinese imports worth about $34 billion on July 6. Duties on an additional $16
billion worth of goods from China will need to undergo public review. If
approved, that would bring the total to $50 billion worth of Chinese goods.
Similarly,
the State Council's announcement said China's overall proposal covers 659 U.S.
goods worth $50 billion.
A
list of 114 U.S. goods subject to tariffs at a later date include crude oil, diesel and
magnetic resonance imaging kits, the Ministry of Commerce said.
The
announcement was made early Friday afternoon New York time, or very early
Saturday morning Beijing time.
The
Chinese Ministry of Commerce said earlier Friday that Beijing would immediately introduce tariffs on the
"same scale" and
strength as the U.S. The ministry also said results from previous trade
negotiations were now nullified.
In
May, Beijing and the U.S. agreed to "meaningful increases" in U.S.
agriculture and energy exports to China. However, the White House subsequently said it would still pursue tariffs on Chinese
goods that were proposed in April, causing trade relations to deteriorate.
Norb Leahy, Dunwoody
GA Tea Party Leader
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