China escalates us trade row with new tariffs
China Escalates US Trade Row with New Tariffs
In a move that is likely to further escalate the ongoing trade tensions between the United States and China, Beijing has announced plans to impose new tariffs on a range of American goods, including soybeans, pork, and whiskey.
The Chinese government announced on Sunday that it would impose tariffs of 5% to 25% on a list of 3,905 American products, including:
- Soybeans: 5% tariff
- Pork: 10% tariff
- Whiskey: 25% tariff
- Cotton: 5% tariff
- Aircraft: 10% tariff
The tariffs are set to take effect on September 1, and will apply to a range of American products, including agricultural goods, aircraft, and automotive parts.
The move is seen as a response to the Trump administration's decision to impose tariffs on $200 billion worth of Chinese goods last week. The US tariffs, which range from 10% to 25%, are set to take effect on September 24.
The trade tensions between the two countries have been escalating for months, with both sides imposing tariffs on each other's goods. The dispute has already had significant economic impacts, including a decline in US-China trade and a rise in prices for American consumers.
The Chinese government has accused the US of "bullying" and "protectionism," while the Trump administration has argued that China's trade practices are unfair and need to be addressed.
The escalation of the trade tensions has also raised concerns about the potential impact on the global economy, with many economists warning of a potential recession.
Reactions to the News
The news of the new Chinese tariffs has been met with a mixed reaction from investors and analysts.
Some have expressed concern about the potential impact on the global economy, while others have seen the move as a sign that China is willing to stand up to the US and defend its interests.
The US Chamber of Commerce has warned that the tariffs will harm American businesses and consumers, while the National Pork Producers Council has expressed concern about the impact on the US pork industry.
What's Next?
The escalation of the trade tensions has raised questions about what's next for the US-China trade relationship.
The Trump administration has said that it is willing to negotiate with China, but has also threatened to impose even more tariffs if China does not agree to its demands.
China has also said that it is willing to negotiate, but has warned that it will not back down from its position.
The situation remains uncertain, but one thing is clear: the trade tensions between the US and China are likely to continue to escalate in the coming weeks and months.