FOLLOW US
  • Facebook
  • Twitter
  • Youtube
You are here: Home » BUSINESS NEWS

China reveals plan to levy tax worth $60 billion on American goods

This comes after the Trump administration tightened pressure for trade concessions from Beijing this week by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports.

NMF News Bureau | Updated: 04 Aug 2018, 11:43:03
Picture for representation only Picture for representation only

Beijing: Upping its ante against the United States government, China has now decided to levy duties of 25, 20, 10 and five per cent on American products worth up to 60 billion dollars.

This comes after the Trump administration tightened pressure for trade concessions from Beijing this week by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports.

"In violation of the bilateral consensus reached after multiple rounds of negotiations, the United States has again unilaterally escalated trade frictions," China's State Council Tariff Commission said in a statement.

As many as 5,207 US products, including meat, coffee, nuts, alcoholic drinks, minerals, chemicals, leather products, wood products, machinery, furniture and auto parts were listed by China to be targeted for the "safeguard its own legitimate interests."

White House press secretary Sarah Sanders in a statement suggested China to "address the longstanding concerns about its unfair trading practices," instead of retaliating with their own sanctions.

According to statistics, the sanctions levied by China will affect nearly 38 per cent of all American goods, amounting to 170 billion dollars.


First Published: 04 Aug 2018, 11:40:46

Video
Photo gallery
----------- Advertisment-------------
----------- Advertisment-------------
----------- Advertisment-------------
Travel »