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China Potential Trade Tariffs Retaliation on U.S

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 China Plans Trade Tariffs Retaliation Against China

China is ‘firing back’ after US announces tariffs on steel and aluminum. China Potential Trade Tariffs Retaliation on U.S may lead to an intense economic war. The world’s second-largest economy has responded to President Donald Trump’s controversial trade tariffs.China’s commerce ministry proposed a list of 128 U.S. products as potential retaliation targets, according to a statement on its website posted Friday morning.

The U.S. goods, which had an import value of $3 billion in 2017, include wine, fresh fruit, dried fruit and nuts, steel pipes, modified ethanol, and ginseng, the ministry said. Those products could see a 15 percent duty, while a 25 percent tariff could be imposed on U.S. pork and recycled aluminium goods, according to the statement.

 The statement did not go into greater detail. U.S. agricultural products, particularly soybeans, have been flagged as the biggest area of potential retaliation by Chinese President Xi Jinping’s administration.

Beijing will take measures against the 128 U.S. goods in two stages if it cannot reach an agreement with Washington, the ministry said, adding that it could take legal action under World Trade Organization rules.

Asian stock markets took a dive on the news, with Japan’s Nikkei index sliding as much as 4 percent

Originally posted 2018-03-23 12:58:21.

is an Editor at SearchNGR. He is a news media enthusiast, he holds a degree in economics from the University of Manitoba, Canada. He is apt to teach and love sharing relevant information across all of us.

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