China Announces Tariffs on $16 Billion U.S. Products, With Focus on Crude Oil and Cars

As the trade war between U.S. and China is escalating Beijing has announced another round of retaliatory tariffs.

The Chinese Ministry of Commerce on Wednesday stated that it will impose 25 percent tariffs on $16 billion worth of U.S. goods, including crude oil and cars.

The retaliation is the result of President Donald Trump’s statement on Tuesday where he announced that the U.S. would impose on China similar tariffs on Aug. 23, affecting imports such as electronic parts, plastics, chemicals, batteries and railway cars.

The Chinese commerce ministry called Trump’s decision “a very unreasonable practice,” Reuters reported.

According to CNBC, the tariffs mark the latest round in a protracted trade battle between Trump and China, with tens of billions of dollars in tariffs against China already in effect.

Since the trade war began China has hit back with retaliatory tariffs, many of which have targeted agricultural industries in states in the Midwest that overwhelmingly went for Trump in 2016.

Meanwhile, the Department of Agriculture presented a $12 billion aid plan that is meant to help farmers affected by Chinese tariffs, despite criticism from lawmakers in both parties.

As part of his America First campaign, Trump has also imposed steep tariffs on imported steel and aluminum from United States’ closest allies, Canada, Mexico and the European Union.

However, American companies complain that the tariffs are forcing them to raise prices and eliminate jobs, with several major businesses announcing that they are planning to shift production overseas.

Trump on Sunday said that the measures are “working big time,” and again vowed to impose tariffs against countries that don’t want to “make or build” products in the U.S.

Be the first to comment

Leave a Reply

Your email address will not be published.


*