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China Announces Retaliatory Tariffs on US Goods

The Trump administration has slapped on an additional $200 billion in Chinese goods. The Trump administration has slapped on an additional $200 billion in Chinese goods. | 

Compiled from Associated Press reports
Updated: September 18, 2018 10:14 AM

China says it will increase tariffs on $60 billion worth of U.S. goods in retaliation after President Donald Trump announced new U.S. tariffs on $200 billion worth of Chinese imports.

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It's the latest volley in the trade war between the two countries, and an American business group is warning that a downward spiral in the conflict appears certain.

China's Finance Ministry says it is going ahead with plans announced in August for increases of 10 percent and 5 percent on 5,207 types of U.S. goods. A list released last month included coffee, honey and industrial chemicals.

On Monday evening, the Trump administration imposed tariffs that will raise prices on consumer goods ranging from handbags to bicycle tires. The tariffs will start at 10 percent and rise to 25 percent starting Jan. 1.

Trump decided to begin taxing the imports - equal to nearly 40 percent of goods China sold the United States last year - after a public comment period. China has said it's ready to impose retaliatory tariffs on U.S. goods.

The U.S. had already imposed tariffs on $50 billion in Chinese imports.

Trump initiated the fight to punish Beijing for what he says are China's predatory tactics to try to supplant U.S. technological supremacy.

Credits

Compiled from Associated Press reports

Copyright 2018 The Associated Press. All rights reserved.

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