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Friday, 15 June 2018

China strikes back: Beijing sets 25% tariff on $50 bln worth US products

China strikes back: Beijing sets 25% tariff on $50 bln worth US products
Responding to US President Donald Trump’s decision to impose tariffs on $50 billion worth of Chinese imports, Beijing has adopted a 25 percent tariff on 659 American products worth the same amount.

US agricultural products, fish and automobiles worth some $34 billion worth of US goods will kick in on July 6, with another $16 billion worth of products subject to the 25 percent duty at a later date, Xinhua reported citing the Tariff Commission of the State Council.

Beijing’s move is a tit-for-tat response to the US imposition of a 25 percent tariff on Chinese products announced Friday. The first package of revised US tariffs is scheduled to kick in on July 6 and will apply to 818 Chinese product lines, with another 284 product lines to follow at a later date.

In rolling out the tariffs, the US Treasury Department accused China of  “theft of intellectual property and technology and its other unfair trade practices.”

Beijing rejected that characterization, arguing the US tariffs were against the rules of the World Trade Organization (WTO) and previous trade negotiations.

“It has also seriously damaged China's legitimate rights and interests and has harmed the interests of China and its people,” Xinhua reported.
 RT
 15/6/18

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