Finance
Trade war: China to retaliate to fresh Trump’s $200 billion tariffs
President
Trump takes part in a welcoming ceremony with China’s President
Xi Jinping in Beijing.
REUTERS/Thomas
Peter
The Chinese Ministry of Commerce (MOFCOM) said on Tuesday morning
that it had “no choice” but to retaliate. It’s not clear what
form retaliation will take, but the ministry previously
threatened tariffs
on $60 billion worth of US goods. This would mean that
between 85% and
95% of American imports coming into China would be subject to
a tariff.
US Trade Representative to impose a tariff on $200 billion worth
of Chinese goods, escalating
the US-China trade war. The new tariffs mean that over half
of all Chinese goods coming into the US will now be subject to
the duties.
“For months, we have urged China to change these unfair
practices, and give fair and reciprocal treatment to American
companies,” Trump said in a statement.
“We have been very clear about the type of changes that need to
be made, and we have given China every opportunity to treat us
more fairly. But, so far, China has been unwilling to change
its practices.”
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