World
US China Trade War: Latest Tariffs Come Into Effect
US has imposed new 10 percent tariffs on a further $200bn worth of Chinese products
Well, it seems neither the US nor China is in a mood to take steps towards ending the long growing trade war. Both the economic superpower countries have imposed a new round of tariffs on each other’s products.
The Donald Trump led US government has imposed new 10 percent tariffs on a further $200bn worth of Chinese products, which goes into effect on Monday, September 24. The latest tariffs hit thousands of consumer products including handbags, baseball gloves, bicycles, food seasonings, refrigerators, network routers, and industrial machinery parts. China, on the other hand, has retaliated by imposing tariffs of 5 percent to 10 percent on $60bn of US goods such as meat, chemicals, clothes and auto parts.
According to media reports, the latest escalation comes as China has canceled upcoming trade talks with the United States. It has announced that it will no longer send vice-premier Liu He to Washington.
The US government’s latest tariffs add to the total amount of Chinese imports hit over $250 billion, roughly half the amount the country sells to the United States. China’s tariffs have already hit more than $110 billion worth of American products.
According to the Trump administration, it is undertaking such measures to punish China for its unfair trade practices, such as intellectual property theft and forced transfer of U.S. technology.
Soon after the fresh duties were announced, Beijing rejected all the allegations and accused the United States of protectionism and bullying as it is trying to intimidate other countries to submit to its will through measures such as tariffs.
Notably, Beijing has also clarified that it is willing to restart trade negotiations with the United States if the talks are “based on mutual respect and equality.”
The tariff rate is expected to go up to 25 percent by January next year if in case no trade deal is met with Beijing.
