China refuses to relent, imposes tariffs on $60 bn of US goods

Trade war lingers on casting doubts of global financial stability


China on Wednesday retaliated by slapping tariffs on USD 60 billion of American products, a day after the Donald Trump administration levied 10 per cent tariffs on USD 200 billion of Chinese goods.

CNN quoted China’s state council saying that the new tariffs would be imposed at rates of 5 per cent or 10 per cent, depending upon the product from the same date.

The new round of tariffs by Beijing will affect over 5,000 US goods, ranging from meat, chemicals, nuts, alcoholic drinks, clothes, machinery, furniture and automobile parts.

Expressing concerns over Washington’s latest round of tariffs, Chinese foreign ministry spokesperson Geng Shuang said, "The Chinese side has repeatedly emphasised that the only correct way to solve the trade dispute between China and the United States is through talk and consultation on the basis of equity, integrity and mutual respect. But what the US side has done doesn’t show sincerity or goodwill."

Prior to the tariff salvo between the two countries, officials were preparing to hold talks in a bid to achieve a breakthrough and understanding in halting the trade war.

The tariffs imposed by the US are set to come into effect from September 24 with the 10 per cent level, which will be increased to 25 per cent from next year. It will affect thousands of Chinese goods, including food seasonings, network routers, baseball gloves and industrial machinery parts.

Washington and Beijing have been engaging in a trade war for the past few months, initially slapping 25 per cent tariffs on USD 50 billion of each other’s goods, leading to the straining of ties between the world’s two largest economies.

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