China Imposes $3 Billion in Tariffs on 128 U.S. Products

BEIJING - China has taken the first major step in hitting back at new tariffs imposed by the Trump administration on steel and aluminum imports. In retaliation, China has moved to implement their own tariffs on 128 U.S. made goods.

The Chinese Ministry of Commerce stated that this is a direct response to the Trump administration and meant to pressure the White House into backing away from a potential trade war.

In a statement released online, the Chinese Ministry of Commerce said that “We hope that the United States will rescind its measures that violate World Trade Organization rules as quickly as possible.”

China plans to unfold a two stage system with regards to these new tariffs that would see a 15 percent duty placed on 120 U.S. products. This would include tariffs on American fruit and wine.

The second stage would see the country push the 25 percent tariff on major imports of pork, a major way of life in farming regions in the United States that supported Mr. Trump in the election.

But on Monday it seems that China has gone full-in as the country implemented their retaliatory tariffs in full. This sees the total hitting 3 billion in tariffs on American imports.

American Stock markets took a dive partly in response to the tariff implementation and fears of a full-blown trade war between the two countries.

Source(s): BBC News, New York Times

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