China Strikes $60 Billion of U.S. Goods in Widening Trade War

September 18, 2018 08:49 AM
 
China announced it will take retaliatory tariff action against $60 billion of U.S. goods, sharply escalating the trade war as the Trump administration considers imposing duties on virtually all Chinese imports.

(Bloomberg) -- China announced it will take retaliatory tariff action against $60 billion of U.S. goods, sharply escalating the trade war as the Trump administration considers imposing duties on virtually all Chinese imports.

China’s retaliatory tariffs, ranging from 5 percent to 10 percent on more than 5,000 items, will take effect on Sept. 24, China’s Ministry of Finance said in a statement posted on its website. Beijing is still ready to negotiate an end to the trade tensions, it said.

At almost the same time the tariff list was released in Beijing, President Donald Trump on Tuesday threatened more counter-measures against China if it targets politically potent U.S. agricultural products for retaliation.

“China has openly stated that they are actively trying to impact and change our election by attacking our farmers, ranchers and industrial workers because of their loyalty to me,” Trump said on Twitter. “What China does not understand is that these people are great patriots.”

In an announcement on Monday, Trump ordered his administration to levy 10 percent tariffs on about $200 billion in Chinese goods on Sept. 24 and to more than double the rate in January if Beijing refuses to offer trade concessions. The latest round of duties comes on top of a 25 percent tariff already imposed on about $50 billion in Chinese goods.

Trump said that the U.S. will immediately pursue additional tariffs on about $267 billion of Chinese imports if Beijing hits back to the $200 billion round.

© Bloomberg 2018

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Comments

 
Spell Check

Kyle
madison, WI
9/18/2018 09:36 AM
 

  when I worked at Sears before they closed my store down 95 percent of the items that came in came from China in the 1980's it was about 5 percent. I think trump is doing the right thing to punish china

 
 
Jim
Coo Rapids, IA
9/18/2018 11:15 AM
 

  In the meantime this is the worst prices for corn and soybeans for 10 years, and getting worse. Time is not on the farmers side with this. Simple math with input costs being what they are doesnt add up. I dont like what China has done either but I hope to keep farming also.

 
 
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