Updated By: LatestGKGS Desk
China imposed retaliatory taxes on US products worth 16 billion dollars in Aug 2018
China imposed retaliatory taxes on United States products worth 16 billion dollars: Details
The United States had imposed 25 percent tariffs on 16 billion dollar worth of Chinese goods coming into the US. In return, China immediately imposed retaliatory taxes on the same value as American products.
This move brings the total amount of goods flowing between the countries, subject to tariffs, up to 106 billion dollars, which is roughly 17 percent of all of the bilateral trade.
The US tariffs apply to 279 Chinese goods, including semiconductors, chemicals, and railway equipment, while China's list of 333 US products includes coal, copper scrap, fuel, buses and medical equipment.
US President Donald Trump had started announcing new tariffs on imports in January as part of an attempt to negotiate what he called fair, bilateral trade deals that bring jobs and industry back onto American shores. China blames the US of unilaterally heightening the tensions.
The first tariffs were imposed in March and China responded in April.
CHINA
Capital: Beijing
Largest City: Shanghai
Currency: Renminbi (yuan; ¥)
Official Languages: Standard Chinese
President: Xi Jinping
United States of America
Capital: Washington
Largest City: New York City
Currency: US Dollar (USD)
National Language: English
President: Donald Trump
