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China retaliates with $50 billion in tariffs on US goods

Economists say there will be no winners in a trade war between the world’s two biggest economies, and it would have a significant impact on consumers.

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Beijing will hit 106 American products, including soybean, automobiles, and chemicals, with a 25-percent tariff in response to US levies on Chinese goods, according to the country's finance ministry.

The list of US goods affected by Chinese tariffs reportedly includes vehicles, chemicals, some types of aircraft, soybean, corn, and other agricultural products. China will also impose levies on American whisky, cigars and tobacco, some types of beef, lubricants, and propane and other plastic products.

 

 

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US orange juice, certain sorghum products, cotton, some types of wheat, as well as trucks, some sport-utility vehicles, and certain electric vehicles, will also be subject to the new tariffs, according to the Chinese Finance Ministry.

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The date when the new tariffs come into effect has not been announced, but the Chinese ministry said it would depend on the tariffs due to be adopted by the US.

The move comes after Washington slapped nearly 1,300 Chinese goods with 25-percent tariffs. According to the White House, the measure is aimed at curbing “unfair” trade practices. The US list includes Chinese products ranging from chemicals and diodes to motorcycles and dental devices.

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China is reportedly targeting goods from those US states that are considered a support base for President Donald Trump.

 

April 4, 2018

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