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China says it will levy retaliatory tariffs on September 24, simultaneously with Washington China says it will levy retaliatory tariffs on September 24, simultaneously with Washington
(35 minutes later)
Beijing will have to retaliate against the latest US decision to impose new tariffs on China’s imports, according to the Chinese Commerce Ministry.
The announcement came shortly after the US President Donald Trump revealed additional tariffs on around $200 billion in Chinese goods. The US tariffs will come into effect on September 24, set at a level of 10 percent until the end of the year. From January 1, 2019, the tariffs will be reportedly raised to 25 percent.
“The US insists on increasing tariffs, which brings new uncertainty to the consultations between the two sides. It is hoped that the US will recognize the possible negative consequences of such actions and take convincing means to correct them in a timely manner,” the statement reads.
The latest moves come amid escalating trade conflict between the world’s two largest economies. The US president has launched numerous trade conflicts with a number of partners, including US ally the EU, stating that trade deficits hurt the American economy. The policy is apparently meant to make domestic production in the US more competitive, compared to foreign manufacturers.
The US president had repeatedly criticized Chinese trade practices, calling them unfair. Trump also accused Chinese corporations of stealing American technology and intellectual property.
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