WORLD
China on Tuesday swiftly retaliated against fresh U.S. tariffs, announcing 10%-15% hikes to import levies covering a range of American agricultural and food products, and placing twenty-five U.S. firms under export and investment restrictions.
The extra 10% duty U.S. President Donald Trump threatened China with last week entered into force at 0501 GMT on March 4, resulting in a cumulative 20% tariff in response to what the White House considers Chinese inaction over drug flows. The tariff represents an additional hike to preexisting levies on thousands of Chinese goods.
The U.S. has argued that China supplies chemicals used in fentanyl production. China has denied any wrongdoing.
Beijing will impose an additional 15% tariff on U.S. chicken, wheat, corn and cotton and an extra 10% levy on U.S. soybeans, sorghum, pork, beef, aquatic products, fruits and vegetables and dairy imports from March. 10, the finance ministry announced in a statement.
“The U.S.’s unilateral tariffs measures seriously violate World Trade Organization rules and undermine the basis for economic and trade cooperation between China and the U.S.,” China’s commerce ministry said in a separate statement.
“China will firmly safeguard its legitimate rights and interests,” the statement added. –
Reuters
