US imposes tariffs on aluminum and steel, China re-imposes tariffs on 128 US products
Weeks after the US president announced a 25% tariff on aluminum and steel imported into the US, China announced similar tariffs on 128 US products.
US President Donald Trump welcomes Chinese President Xi Jinping at the Mar-a-Lago resort in Palm Beach, Florida, USA last April - Photo: REUTERS
According to CBS (USA), in a statement released yesterday (April 1), the Chinese Ministry of Finance said it will officially apply new tariffs on US goods from today (April 2).
Specifically, the Chinese Customs Tariff Commission will increase tariffs to 25% on eight types of US imports, including pork, and increase tariffs to 15% on 120 other types of goods, including fruit.
The new tariffs are apparently Beijing's retaliation for the 25% tariff increase on steel and 15% on aluminum imports from the US.
The New York Magazine website commented that it seems that China, a country that depends heavily on imported goods, is still quite cautious in its retaliatory tariff measures.
The total estimated value of the tariffs of $3 billion announced in the April 1 decision is considered quite modest. In addition, soybeans, an important US export to China, have not been included in the new tariff list.
The US tariff list on Chinese goods is expected to be announced on April 6 and according to the US trade representative, the new tariff list on Chinese goods may not take effect until early June.
