China strikes back at Trump with tariffs on $60 billion worth of U.S. goods
Shanghai (Gasgoo)- China's Customs Tariff Commission of the State Council announced on September 18 that China will take retaliatory tariff action against $60 billion worth of U.S.-made goods less than 24 hours after President Donald Trump decided to impose tariff on $200 billion of Chinese goods.
The U.S. government claimed on July 11 that it will impose 10% tariff on $200 billion worth of goods imported from China. Then, the tariff rate was elevated to 25% on August 2. On September 18, Trump's administration announced the decision to impose 10% import tariff on $200 billion worth of made-in-China products, which will come into effect from September 24. Besides, the 10% tariff rate will be increased to 25% from January 1, 2019.
Chinese government expressed that the trade tension between two countries has been continuously escalating due to the U.S. government’s arbitrarily action. To defense trade freedom and multilateral system and safeguard its legitimate rights and interests, China will have to retaliate as a response.
Based on the Foreign Trade Law of the People's Republic of China and the Regulations of the People's Republic of China on Import and Export Duties and approved by the State Council, the Customs Tariff Commission of the State Council has decided to impose additional duty of 10% or 5% on products originating in the U.S. under 5,207 taxable items. The policy will take effect at 12:01 p.m. on September 24. If the U.S. insists to further raise the tariff rate, China will give corresponding response.
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