June 20, 2018 12:05 AM NPT
The world’s two biggest economies are moving closer to an all-out trade war, with China raising import duties of 25 percent on $34 billion worth of U.S. goods, in response to President Donald Trump’s decision to place similar tariffs on the same annual value
of Chinese imports.
The U.S. tariffs, due to go into effect on July 6, will cover 1,102 Chinese product lines worth about $50 billion a year. Included are 818 items, worth about $34 billion a year.
The administration is targeting an additional 284 Chinese products, which it says benefit from Beijing’s strong-armed industrial policies, worth $16 billion a year. But it won’t impose those tariffs until it gathers public comments.
Beijing responded with penalties of the same scale on American goods, spelling out details to impose tariffs on 545 U.S. exports. A list of 114 more goods will include new levies at a later date.