On 18th September, China announced that it will take retaliatory tariff action against $60 billion worth of US made goods less than 24 hours after President Donald Trump decided to impose tariff on $200 billion of Chinese goods.
The US government claimed on 11th July that it will impose 10% tariff on $200 billion worth of goods imported from China. Then, the tariff rate was elevated to 25% on 2nd August. On 18th September, Trump’s administration announced the decision to impose 10% import tariff on $200 billion worth of made-in-China products, which will come into effect from 24th September. Besides, the 10% tariff rate will be increased to 25% from January 1, 2019.
Chinese government expressed that the trade tension between two countries has been continuously escalating due to the US government’s arbitrarily action. To defense trade freedom and multilateral system and safeguard its legitimate rights and interests, China will have to retaliate as a response.
Based on China’s Foreign Trade Law, the State Council has decided to impose additional duty of 10% on products originating from USA under 5,207 taxable items. The policy will take effect at 12:01 pm on 24th September. If the US insists to further raise the tariff rate, China says it will immediately give corresponding response.
A 3d animation professional with over 20 years of industry experience having served in leading organizations & production facilities of Pakistan, an avid car enthusiast and petrolhead with an affection to deliver writings to help shape opinions. Formerly written for PakWheels as well as major publications including Dawn. Founder of CarSpiritPK.com