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Punitive PRC tariffs on US goods has extra 5% on textiles
19 Sep '18
1 min read
Courtesy: Pexels
Responding to Washington’s latest duty increase in a dispute with Beijing, China on Tuesday announced retaliatory tariffs against $60 billion worth US goods. The tariffs include an additional 5 per cent duty on about 1,600 kinds of US products like computers and textiles and an extra 10 per cent on more than 3,500 items, including chemicals, wheat and meat.
China’s retaliatory tariffs will be effective from September 24, global newswires reported citing a statement posted on the website of China’s finance ministry.
The raise aims at curbing ‘trade friction’ and the ‘unilateralism and protectionism of the United States’ and Beijing is still ready to negotiate with the United States to end trade tensions, the ministry said.
In a parallel move, President Donald Trump threatened more punitive measures against China if it targets politically potent US agricultural products for retaliation.
Appealing both governments for ‘results-oriented negotiations’, the American Chamber of Commerce in China cautioned Washington is underestimating Beijing’s determination to fight back. (DS)
Fibre2Fashion News Desk – India
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