China Imposes Tariffs on Over 120 Products as Trump’s Trade War Escalates

China Imposes Tariffs on Over 120 Products as Trump's Trade War Escalates. www.businessmanagement.news

China said it is rolling out new tariffs on meat, fruit, wine and other products from the United States as retaliation against taxes approved by President Donald Trump on imported steel and aluminum.

The Chinese finance ministry said in a statement that the new tariffs will take force on Monday.

The announcement follows weeks of warnings from Chinese officials in an escalating trade dispute between the world’s two largest economies.

China’s Customs Tariff Commission is increasing the tariff rate on pork products and aluminum scrap by 25 percent. It is also imposing a new 15 percent tariff on 120 other imported American commodities, from almonds to apples and berries.

The White House didn’t comment.

The tariffs mirror Mr Trump’s 25 percent charge on imported steel and 15 percent hike on aluminum.

Mr Trump has also announced separate plans to slap tariffs on nearly $50 billion in Chinese imports.

The planned American tariffs are partly aimed at punishing Beijing for allegedly stealing American technology and pressuring US companies to hand it over.

But the Chinese response could end up hurting American ranchers and farmers, many of whom are from regions that voted for Mr Trump in 2016.

US farmers shipped nearly $20 billion of goods to China in 2017. The American pork industry sent $1.1 billion in products, making China the number 3 market for US pork.