China to Impose 25 Percent Tariff on 659 US Goods Worth $50 Billion

China to Impose 25 Percent Tariff on 659 US Goods Worth $50 Billion

China will impose an additional 25 percent tariff on 659 U.S. goods worth $50 billion, the official Xinhua news agency reported, citing the Tariff Commission of the State Council.

Tariffs on $34 billion of U.S. goods including agricultural products, autos and aquatic goods will take effect from July 6, Xinhua reported early on Saturday, citing the commission.

Tariffs on other U.S. goods will be announced at a later date, according to Xinhua.

The State Council is China’s cabinet, or government.

U.S. President Donald Trump announced on Friday 25 percent tariffs on $50 billion of Chinese imports, in a move that looks set to ignite a trade war between the world’s two largest economies.

Trump said the tariffs would be imposed on a list of strategically important imports from China. He also vowed further measures if Beijing struck back.

“The U.S. decision has violated World Trade Organization rules and is contrary to the consensus that China and the U.S. reached in previous trade negotiations,” Xinhua reported.

“It has also seriously damaged China’s legitimate rights and interests and has harmed the interests of China and its people,” according to the report. 

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Author: HEDGE

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