China yesterday announced that it would impose tariffs on US$75 billion of US goods, including soybeans, automobiles and oil, in retaliation for US President Donald Trump’s latest planned levies on Chinese imports.
Some of the countermeasures are to take effect on Sept. 1, while the rest would go into effect from Dec. 15, the Chinese Ministry of Commerce said.
This mirrors the timetable the US has laid out for 10 percent tariffs on nearly US$300 billion of Chinese shipments.
An extra 5 percent tariff would be put on US soybeans starting next month, and a 25 percent duty on US vehicles would resume on Dec. 15.
Among automakers, Tesla Inc and Germany’s Daimler AG and BMW AG are the most vulnerable to the additional levies.
The announcement came as G7 leaders prepared to meet in France and central bankers gathered in Jackson Hole, Wyoming.
The US has said it would increase tariffs on some Chinese goods on Sept. 1, although Trump has already delayed some of that increase.
After Trump earlier this month gave the go-ahead for 10 percent tariffs on the nearly US$300 billion in Chinese imports that have not been hit by higher duties, China halted purchases of agricultural goods and allowed the yuan to weaken.
Negotiators have spoken by telephone since then and are reportedly planning another call in the coming days.
People familiar with their intentions said earlier that the Chinese delegation is sticking to their plan to travel to the US next month for face-to-face meetings.
The US side is still hoping for that visit to happen, with US National Economic Council Director Larry Kudlow telling Fox Business Network that “hopefully we are still planning on having the Chinese team come here to Washington to continue the negotiations.”
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