Two days after the Trump administration announced its intention to more than double planned US tariffs on Chinese products, Beijing said it is prepared to deliver the latest blow in its trade war with the United States.
China’s Ministry of Commerce produced on its website a list of $60 billion in US imports on which it plans to slap levies, with duties ranging from 5 percent to 25 percent on 5,207 categories of American goods. While a number of the goods are centered on agriculture, the list includes 10 percent in tariffs on textiles, 20 percent on paper and 25 percent on comestibles such as meat and wine.
“The implementation date of the taxation measures will be subject to the actions of the US, and China reserves the right to continue to introduce other countermeasures,” a separate translated statement read. “Any unilateral threat or blackmail will only lead to intensification of conflicts and damage to the interests of all parties.”
The note maintained that the additional levies would depend on whether the United States moves forward with its proposed tariff hike. On Wednesday, President Donald Trump threatened to raise levies on $200 billion worth of Chinese goods from 10 percent to 25 percent. Although the list of affected imports doesn’t include footwear, it does cite select handbags, travel products and other accessories.
Watch on FN
Beijing previously said it would match duties on an equal dollar amount worth of US goods as well as increase regulation for American companies doing business in China.
Trump Declares Tariffs Are the ‘Greatest’ Ahead of Trade Meeting
Moody’s Report: $500B in Tariffs on Chinese Imports Would Be a ‘Credit Negative’ for US Footwear Firms