Now the latest in the ongoing trade war between the world's two economic superpowers.
Amid the new batch of tariffs that U.S. President Donald Trump announced Monday on Chinese goods,… China hits back at Trump with tariffs on 60 billion U.S. dollars of American products,… escalating its trade war between the two further.
Won Jung-hwan reports.
U.S. President Donald Trump announced on Monday that he will impose 10-percent tariffs on about 200-billion U.S. dollars' worth of Chinese goods.
According to a White House statement,... the fresh tariffs will take effect from September 24th… and the duties will rise to 25-percent in January 2019 if Beijing refuses to offer trade concessions.
The U.S. explained the move as a response to China's alleged theft of American intellectual property and the forced transfer of technology.
More than five-thous and seven-hundred items will be affected…. including household goods, electronics, and produce.
These items were on the proposed list... of added duties on Chinese imports announced by the United States Trade Representative back in July.
Trump added that the U.S. will immediately pursue additional tariffs on about 267 billion U.S. dollars of Chinese imports... if Beijing strikes back against American farmers and industry.
Trade tensions between the two sides are escalating... as China immediately announced it will take retaliatory tariff action against 60 billion U.S. dollars worth of American goods.
According to the Chinese commerce ministry Tuesday,… the retaliatory tariffs, on items ranging from meat to wheat and textiles, will take effect on the same day as the U.S.'s, on September 24th.
The tariffs will place an additional 5-percent in duty on U.S. products including smaller aircraft, computers and textiles, and an extra 10-percent on goods such as chemicals, meat, wheat and wine.
While this all comes... after the two countries already imposed tariffs on 50-billion dollars' worth of each other's goods,... it seems that the trade war between the world's two economic superpowers will escalate further... with China expected to reject new trade talks if Trump moves ahead with the 200 billion worth of duties.
Won Jung-hwan, Arirang News.
