CHINA IMPOSES TARIFFS ON US GOODS, SAYS IT WILL ‘FIGHT BACK’

BEIJUNG: China on Saturday said it will impose an additional 25% tariff on 659 US products worth over $50 billion in exports to the world’s second-largest economy, warning that it will “fight back forcefully” against Washington’s imposition of duties on Chinese goods. Beijing’s response came hours after Washington on Friday unveiled plans to impose additional 25% tariffs on Chinese exports worth around $50 billion.

“China has unveiled a list of products from the United States that will be subject to additional tariffs in response to US announcement to impose additional duties on Chinese imports,” official news agency Xinhua said. “Approved by the State Council, the Customs Tariff Commission of the State Council has decided to impose additional duties of 25 percent on 659 items of US products worth about $ 50 billion,” the report said.

On Friday, the US said starting July 6, additional tariffs will be levied on some $ 34 billion worth of Chinese products. Meanwhile, the other $16 billion of Chinese products will undergo further review in a public notice and comment process,” it said.

An official in charge of China’s Office of the Customs Tariff Commission said the additional tariffs targeting Chinese goods would “substantially change the trade conditions of these goods, and affect relevant producers and trade companies as well as the production and operation of the upstream and downstream industries”.