China announces additional tariffs on US$75bn in US imports

The China State Council Customs Tariff Commission announced on Friday (08/23) that the country will impose additional US$75bn import tariffs from the United States in response to the recent announcement of the United States raising tariffs on Chinese products.

Based on laws and approved by the State Council, 5,078 US product items will be subject to additional 10% or 5% tariffs. The tariff increase will be implemented in two lots and will be effective from 12:01 pm (Beijing time) on September 1 and 12:01 pm on December 15, the commission said in a statement.

The US government announced on August 15 that it will impose additional 10% tariffs on US$300bn in Chinese products, effective September 1 and December 15, in two lots.

The commission will continue the work of exempting certain items from additional fees. “We expect China and the US to resolve differences in ways that are acceptable to both sides based on mutual respect, equality, good faith, and consistency of words and deeds,” the statement said.

Trump announces additional fare

Hours after China released retaliatory tariffs on US$75bn in US goods, US President Donald Trump began a new round of tariffs on Asian products by stipulating an additional 5% tax on about US$550bn in Chinese products, expanding the escalation of trade war between the two largest economies in the world.

Trump’s action, announced on Twitter, prompted the US president earlier in the day to demand US companies withdraw their operations from China. The intensifying Sino-US dispute has fueled fears that the global economy will go into recession, causing US stocks to freefall. The Nasdaq Composite Index fell 3%, while the S&P 500 fell 2.6%.

Sources: Comex do Brasil and Reuters

Sharing is caring!