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China to slap 25% reciprocal tax on US products
05
Apr '18
China to slap 25% reciprocal tax on US products
China will impose a 25 per cent reciprocal tax on 106 US products, including automobiles and chemicals, days after the United States began imposing additional tariffs on many items from China like electric cars, jet engines, nuclear reactor parts and vaccines. Beijing said the implementation of the tariffs by Washington will decide the date of its imposition.

China said the additional tariffs to be imposed by the country on US goods will be “in line with our rights and commitments under the WTO” and its domestic law, reported global newswires.

The US administration will soon unveil a list of advanced technology Chinese imports for a targeted tariff, a step that is likely to intensify the trade war further.

Experts, however, feel that the trade war started by the Trump administration, if escalated, could boomerang on the United States. An earlier study had found that if China and Mexico retaliate to the US trade war, it will lead to severe, direct and indirect job losses, thereby lowering US incomes, consumption and investment and plunging the economy into a recession.

The news of China’s retaliation tumbled the US and Indian markets. US trade representative Robert Lighthizer on 2 April had announced the list of Chinese goods that will be subject to additional tariffs, citing China’s unfair trade practices, including rules for forced technology transfer and its alleged violation of intellectual property rights. (DS)

Fibre2Fashion News Desk – India


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