US-China Trade War Continues

Jakarta -The retaliatory response to import tariffs between the US and China continues despite both countries meeting to discuss their respective trade policies recently.

US President Donald Trump announced it would impose a 10% import tariff on Chinese goods valued at $ 200 billion.

In its official statement on Monday (18/6), Trump said it had asked the US Trade Representative (USTR) to identify which Chinese products will be charged this new tariff. The move is claimed as a form of resistance to China’s decision to raise import tariffs on US products worth US $ 50 billion.

“After the legal process is complete, this tariff will be effective if China refuses to change its trade practices and if China insists on applying the new tariffs recently delivered,” he said, as quoted by Reuters on Tuesday (19/6).

The trade war continued after talks between the two countries last time failed to resolve US complaints against Chinese policy, including intellectual property rights and the closed market access in Panda Country. The US claims a trade deficit of up to US $ 375 billion with China.

Trump’s remarks came after China said it would impose additional tariffs on hundreds of US products, in response to previous Trump statements.

On Friday (15/6), Trump said it will continue the tariff of 25% on China’s products worth US $ 50 billion.

China’s Ministry of Commerce affirmed that it will impose an additional 25% tariff on 659 US products worth US $ 50 billion, one of which is soybeans – the largest import product of Uncle Sam’s country.

Rates for agricultural products, including soybeans, alone have reached US $ 34 billion. Tariffs on agricultural products will be implemented starting July 6, 2018, while the rest will be announced later.

A total of 659 products also include automotive, crude oil, natural gas, coal, and some oil derivatives products.

Source: Reuters

What do you think?

Written by DI

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Special Power of Attorney Successfully Pressed Delinquent BPJS Employment

9 Things That are killing your phone Battery