The Trade Battle Intensifies: China Hits Back with New Tariffs on Key US Exports
China has announced new tariffs of up to 15% on key US agricultural imports, set to take effect from March 10, in response to the recent tariff hikes imposed by the United States.
Beijing: China has announced new tariffs of up to 15% on key US agricultural imports, set to take effect from March 10, in response to the recent tariff hikes imposed by the United States. The tariffs, announced by China’s Commerce Ministry on Tuesday, will impact a range of American farm products, including chicken, pork, soy, and beef.
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Tariff Impact on US Imports
As per the latest announcement, the new Chinese tariffs will target several US agricultural exports. Imports of chicken, wheat, corn, and cotton from the United States will be subject to an additional 15% tariff. Furthermore, products such as sorghum, soybeans, pork, beef, seafood, fruits, vegetables, and dairy products will see a 10% tariff increase.
These tariffs are part of China’s response to US President Donald Trump’s order to raise tariffs on Chinese goods by 20%, which was implemented earlier on Tuesday. The Chinese government has positioned these additional tariffs as a countermeasure to the US’s latest moves, further escalating the trade tensions between the two nations.
Trade War Escalates Between the US and China
This move signals a continuation of the trade war between the world’s two largest economies, with both countries imposing tariffs on each other’s products. The ongoing conflict has had significant impacts on global markets, with both sides feeling the economic strain.
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China’s new tariffs come at a time when the trade dispute between the US and China remains unresolved, despite ongoing negotiations and previous attempts to strike a deal. As the situation develops, industries around the world, particularly those related to agriculture, are closely monitoring the potential long-term effects of these tariffs on global trade.
