Trade war: US, China slap new tariffs on each other

IANS 

The US and implemented 25 per cent tariffs on $16 billion worth of each other's goods on Thursday, ratcheting up the trade war between the world's two largest economies.

The US imposed 25 per cent tariffs on another $16 billion of Chinese goods just after midnight. The tax targeted 279 Chinese products, including chemical products, motorcycles, speedometers and antennas, the US media reported.

responded immediately with 25 per cent tariffs on an equal amount of American goods such as chemical products, diesel fuel, medical instruments, cars and buses.

The said in a statement that it "has no other alternatives but to take counter measures".

It added that it will file a complaint with the Trade Organization (WTO). filed an initial complaint at the WTO in July during the imposition of Washington's first round of tariffs.

China's is already in for low-level talks, but hopes are not high that they will bring the dispute to an end, reports said.

US initiated the trade spat in July in an effort to punish for what he says were unfair trade practices, such as stealing intellectual property.

In the first round of tariffs that month, imposed taxes on Chinese goods worth $34 billion. had responded in kind.

The second round of tariffs came despite testimony to the by dozens of US companies and industry groups.

Many said the new tax would hurt their businesses and warned that they would not be able to absorb another tax without raising prices for US consumers.

Earlier, Trump indicated that he was ready to impose duties on over $500 billion of Chinese goods exported annually to Washington unless agrees to sweeping changes in its intellectual property practices, industrial subsidy programmes and structure.

Beijing denies Washington's allegations and insists it adheres to WTO rules.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 23 2018. 15:28 IST