China plans tariffs on $60 billion of US products
China has announced plans to put tariffs of up to 25% on US products worth $60 billion, the latest salvo in an escalating trade war.
The Chinese government said Friday that it would impose duties of 25%, 20%, 10% and 5% on the products if the Trump administration follows through on threats to tax $200 billion of Chinese goods.
“In violation of the bilateral consensus reached after multiple rounds of negotiations, the United States has again unilaterally escalated trade frictions,” the Chinese State Council Tariff Commission said in its statement on Friday.
China listed 5,207 US products that it would target in an effort to “safeguard its own legitimate interests.”
Products in line for tariffs include meat, coffee, nuts, alcoholic drinks, minerals, chemicals, leather products, wood products, machinery, furniture and auto parts.
The United States and China trade goods and services worth about $650 billion each year, the largest trading relationship in the world between two countries.
But China exports far more to the United States than the other way round, making it more challenging for the country to hit back against US tariffs.
These new tariffs would affect about 38% of all American exports to China, which are worth about $170 billion in total.
CNNMoney (London) First published August 3, 2018: 9:03 AM ET