The trade war between United States of America and China deepens further. On the second week of March Donald Trump declared an increased tariff on China Goods to protect US products. China today strikes back with an aim to impose tariffs on up to $3 billion of U.S. imports.
How Trade War Started Between China and USA?
U.S. President Donald Trump signed a presidential memorandum on Thursday targeting up to $60 billion in Chinese goods with tariffs. However, this was done only after a 30-day consultation period that starts once a list is published. Beijing’s disclosure of its planned retaliation to proposed tariffs on Chinese metal exports to the United States, served as a warning to Washington. So, both sides brandished their weapons while holding off from starting a full-blown trade war.
China unveiled plans on Friday to impose tariffs on up to $3 billion of U.S. imports. This is in retaliation against U.S. tariffs on Chinese steel and aluminium products. Now, world’s two largest economies stood on the brink of a trade war.
How Much Tariff China Would Impose On US Goods As Trade War:
The commerce ministry said China would implement the measures in two stages: first the 15 percent tariff on 120 products including steel pipes and wine worth $977 million and later the higher 25 percent tariff on $1.99 billion of pork and aluminium.
“We intend to impose tariffs on certain U.S. imports to balance out the losses caused to Chinese interests by the U.S. tariffs on imported steel and aluminium,” the ministry said.
The ministry added it would take legal action under the framework of the World Trade Organization to maintain the stability of global trading rules. It added, however, it hoped it could resolve issues with the U.S. through dialogue.