China matches US $50-billion tariff threat

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China on Wednesday responded to the Trump administration’s planned tariffs on $50-billion worth of Chinese products with proposed tariff increases for goods including soybeans, planes, cars and chemicals.

China’s Commerce and Finance Ministries said Beijing’s list of 25 percent additional tariffs on US goods covered 106 items with a trade value matching the $50-billion figure.

The move by China the latest in ongoing tit-for-tat measures between the two countries.

Read more: Opinion: Free trade needs smart solutions

The announcement came after the US published a list of $50-billion worth of Chinese imports that could have tariffs imposed on them.

US list to go under review

The list of 1,300 products published by the US Trade Representative (USTR) is to undergo further review over the next 60 days before a final decision is made on which of them, if any, will be subject to the additional 25-per-cent tariffs.

The China director of the US Soybean Export Council said China’s proposed tariffs on soybeans from the US was “regrettable” and “won’t solve the trade imbalance.”

The US is the second-biggest soybean supplier, after Brazil, to China, which is the world’s largest consumer of soybeans.

law/msh (AFP, dpa, Reuters)