Beijing, Sept 18: The trade war between the United States of America and China escalated on Tuesday as Beijing imposed fresh tariffs on American goods worth $60-billion. The move came a day after President Donald Trump slapped duties as high as 25 per cent on Chinese goods worth $200 billion.
Trump had threatened to extend the tariffs on the remainder of Chinese goods as well, valuing nearly $267 billion, if Beijing adopts any retaliatory measure. In US-China Trade War, India Eyes to Cut Down Trade Deficit With Beijing.
"There will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted," he had said.
As per the statement issued by the Customs Tariff Commission of the State Council, the fresh tariffs on US imports will be applied from September 24. The rate of duties, however, have been brought down from the proposed 10-25 per cent to 5-10 per cent.
Meanwhile, China has also filed an additional complaint with the World Trade Organization against Washington's decision to impose tariffs on $200 billion worth of Chinese goods.
The United States has defended the imposition of tariffs, accusing China of adopting unfair trade practices which are violating the rights of American traders and consumers.
Chinese Foreign Ministry spokesperson Lu Kang, while addressing the press earlier in the month, said Beijing would retaliate in equal measures to the duties levelled by Trump.
Analysts claim that the next round of duties, when levied by the Trump administration, would cover all of Chinese goods imported to the nation. This would include mass consumption items viz. handbags, rice, smart phones and watches. Although the tariff currently levied range from 10 to 25 per cent, it could almost double if the Trump-backed Republican candidates win in the midterm US congressional polls.