It’s tit-for-tat, China tells U.S

China will levy tariffs on about $60
billion worth of U.S. goods in retaliation for the latest round of U.S.
tariffs on Chinese products, as previously planned, but has reduced the
level of tariffs that it will collect on the
products.

 

The tit-for-tat measures are the latest
escalation in an increasingly protracted trade dispute between the
world’s two largest economies.

 

On Monday, the U.S. administration said
it will begin to levy new tariffs of 10 percent on $200 billion of
Chinese products on Sept. 24, with the tariffs to go up to 25 percent by
the end of 2018.

 

Previously, U.S. President Donald Trump threatened to hit those goods with 25 percent tariffs immediately.

 

“China is forced to respond to U.S.
unilateralism and trade protectionism, and has no choice but to respond
with its own tariffs,” the Finance Ministry said in a statement on its
website late on Tuesday.

 

China will levy tariffs on a total of
5,207 U.S. products, at 5 and 10 percent, instead of the previously
proposed rates of 5, 10, 20 and 25 percent, even as the products remain
unchanged from the previous plan, the finance ministry
said.

 

China will impose a 10 percent tariff on
U.S. products it previously designated for a rate of 20 and 25 percent,
and 5 percent tariffs on goods previously under the 5 and 10 percent
rates.

 

Items previously designated to be hit by
20 or 25 percent tariffs included products ranging from liquefied
natural gas and mineral ores to coffee and various types of edible oil.
Those goods will now be taxed 10 percent.

 

Goods previously marked under the 10
percent category included products such as frozen vegetables, cocoa
powder and chemical products. Those products will now be taxed 5
percent.