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China announces retaliatory tariffs on US imports
Along with tariffs, China also imposed export and investment restrictions on 25 US firms after the latter doubled import duty on Chinese goods.
In response to the tariffs imposed by the United States, China has announced fresh 10-%-15% duties on several US agricultural and food products, set to take effect from March 10.
Among the US products which will face 10% retaliatory tariffs in China are soybeans, sorghum, pork, beef, aquatic products, fruits, vegetables and dairy products, reported news agency Reuters.
The Chinese finance ministry said that 15% tariffs will be imposed on chicken, wheat, corn and cotton.
Along with tariffs, China also imposed export and investment restrictions on 25 US firms, Reuters reported.
These heavy duties come after the United States imposed steep tariffs on not just China, but also Canada and Mexico on Tuesday, kicking off a potential trade war.
US President Donald Trump doubled tariffs on Chinese goods from 10% to 20% starting Tuesday, along with a new 25% duty on imports from his neighbouring countries and two of its biggest trading partners - Canada and Mexico.
Trump last week announced the additional 10% duty on Chinese imports, which took effect today, citing China’s role in fentanyl production.
Response by Canada, Mexico
China's move follows a similar retaliatory action by Canada, who announced tariffs on US goods worth $107 billion (155 billion Canadian dollars) from Tuesday.
Canada's outgoing Prime Minister Justin Trudeau on Monday said that the county will levy 25 per cent tariffs on US goods worth 30 billion Canadian dollars from Tuesday if the Trump administration goes through with its plan.
On the rest of the US goods worth 125 billion Canadian dollars, tariffs will be slapped within 21 days, Trudeau added.
Mexico also said that the country was prepared with backup plans in case the US goes ahead with its heavy tax imposition. "We have a plan B, C, D," Reuters quoted Mexico President Claudia Sheinbaum as saying on Monday.
