China says to impose additional tariffs on $16 billion worth of U.S. imports

China has decided to impose additional tariffs of 25 percent on $16 billion worth of U.S. imports from autos to steel products, according to an official government statement, as the trade dispute between the world’s two biggest economies escalated.

“Approved by the State Council, the Customs Tariff Commission of the State Council has decided to impose additional duties of 25 percent on the 16-billion-dollar of U.S. products after making proper adjustments to the second part of a list of the products subject to the tariffs,” the official Xinhua news agency said.

The additional duties will take effect at 12:01 on Aug. 23, 2018, it added.

The tariffs will be activated the same day that the United States plans to begin collecting 25 percent extra in tariffs on $16 billion of Chinese goods.

The list has been appropriately adjusted after taking into account the advice of related government departments, industry associations, and enterprises to best protect the interest of domestic consumers and companies, Xinhua said.

In June, the Chinese customs authority had issued a list of products from the United States worth $50 billion dollars that will be subject to additional tariffs in response to U.S. announcement to impose additional duties on Chinese imports.

Additional duties on the U.S. products worth $34 billion U.S. dollars came into force on July 6.

Prashant has worked in the publishing industry for 17 years. His keen interest in commodities developed while working for organisations such as like Thomson Reuters, Wolters Kluwer & McGraw-Hill eventually brought him here. In his free time, Prashant consults with businesses in the digital space.

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