AFP-JijiBEIJING (AFP-Jiji) — China said Wednesday it will impose 25 percent tariffs on a further $16 billion of U.S. goods, making good on its promise to retaliate against new American levies.
The announcement is the latest round in a tit-for-tat trade conflict between the world’s two largest economies which has left global markets on edge.
China’s levies will come into force at 12:01 on Aug. 23, according to a statement on the finance ministry’s web site.
The decision follows Washington’s announcement Tuesday that it will implement levies on $16 billion of Chinese products starting from the same date.
The taxes were the second tranche of a planned $50 billion package that began on July 6 when the U.S. slapped duties on $34 billion in Chinese goods, provoking a dollar-for-dollar response from Beijing.
Washington and Beijing are locked in a battle over U.S. accusations that China’s export economy benefits from unfair policies and subsidies, and especially from the theft of American technological know-how.Speech