China slaps retaliatory tariffs on 128 US imports
China on Monday imposed new tariffs on 128 US imports worth US$3 billion in retaliation to US duties on steel and aluminium. (AFP/STR)
BEIJING: China on Monday (Apr 2) imposed new tariffs on 128 US imports worth US$3 billion, including fruits and pork, in retaliation to US duties on steel and aluminium, fuelling fears of a trade war.Beijing's move, which the Xinhua news agency said was decided by the custom tariffs commission of the State Council, follows weeks of heated rhetoric and threats between the world's two biggest economies.President Donald Trump is seeking to cut the massive US trade deficit with China.Beijing had warned last month that it was considering the tariffs of 15 per cent and 25 per cent on a range of products that also include wine, nuts and aluminium scrap.The levies are in response to the aluminium and steel tariffs that have also angered US allies from Europe to Canada and Australia.Trump, however, has temporarily suspended the tariffs for the European Union as well as Argentina, Australia, Brazil, Canada, Mexico and South Korea.
The US leader has also unveiled plans to impose new tariffs on some US$60 billion of Chinese imports over the "theft" of intellectual property
Source : http://www.channelnewsasia.com/news/business/china-slaps-retaliatory-tariffs-on-128-us-imports-10094518