Us-china tit-for-tat tariff war intensifies

BEIJING/WASHINGTON: China on Wednesday retaliated against planned US tariffs on $50 billion in Chinese goods by announcing matching duties on 106 American imports such as soybeans, planes and chemicals, intensifying trade tensions between the world’s two largest economies.

Beijing’s list included new duties on US goods such as cars, cigarettes, wines, plastic, orange juice, wheat, beef and cotton. The finance ministry said imports from the US worth $50 billion “will be subject to higher tariffs”.

China’s action came less than 11 hours after the Trump administration proposed 25% levies on 1,300 Chinese goods ranging from aerospace and robotics to information and communication technology and machinery. The speed at which tensions between Washington and Beijing ratcheted up led to a sharp selloff in global stock markets and commodities.