It's the second salvo in a 24 hour period in the ongoing trade war between the U.S. and China.
Wasting little time to respond in kind to Washington's declaration of new tariffs on Chinese goods,... Beijing says it's also slapping additional tariffs of 25 percent on 16 billion dollars worth of American imports.
Lee Seung-jae reports.
From fuel and steel products to automobiles and medical equipment,... China is slapping additional tariffs of 25 percent on 16 billion dollar's worth of U.S. imports,...
as the world's two largest economies take their trade war to the next level.
China's commerce ministry said Wednesday that the tariffs will be activated on August 23rd,... the same day that the U.S. plans to begin collecting an extra 25 percent in tariffs on 16 billion dollars of Chinese goods.
While the U.S. published its final list of goods subject to the new tariffs on Tuesday,... China's final list revealed on Wednesday differs from an earlier draft announced back in June.
The number of categories of goods subject to the tariffs has risen to 333 from 114,...
but the total value remains unchanged.
The list of goods subject to the tariffs includes energy products, like coal, as well as large items like cars,... but crude oil has been excluded from the list.
China's latest tariff measures are in response to the earlier U.S. action.
U.S. President Donald Trump is determined to put pressure on China to negotiate trade concessions,... with Washington imposing tariffs on 34 billion dollars in Chinese goods last month alone.
So far,... China has now either imposed or proposed tariffs on 110 billion dollars of U.S. goods.
The blowback from the trade war is becoming apparent in the American job market,... with a U.S.-based television factory planning to shed staff.
Element Electronics,... a TV manufacturing plant in South Carolina, will layoff at least 126 employees from its Winnsboro plant on October 5th.
This comes as the Trump administration imposed a 25-percent import tax in July,...
which effects Chinese components for TVs and video equipment.
Observers remain concerned as the latest measures by China may trigger President Trump's next round of threatened tariffs on 200 billion dollar's worth of Chinese goods.
Lee Seung-jae, Arirang News.
