China Hits Back At Trump With Agriculture Tariffs As High As 15%
Beijing said it would charge new duties on American goods including chicken and cotton after the US doubled a tariff on all Chinese exports on Tuesday.
China imposed tariffs as high as 15% on US exports in retaliation for the Trump administration’s new levy, escalating a trade war between the world’s two largest economies.
Beijing said it would charge new duties on American goods including chicken and cotton after the US doubled a tariff on all Chinese exports on Tuesday. Soybeans, beef and fruits are among products facing a 10% tariff, according to an announcement by the Ministry of Finance.
The Chinese Ministry of Commerce said it would put 10 American companies on an unreliable list, mainly involved in defense and construction work. The department protested the move in an earlier statement, vowing to take countermeasures and calling on Washington to return to dialogue.
The Chinese yuan traded steady after Beijing announced retaliatory measures. The currency rose 0.3% to 7.2828 per dollar in the offshore market, gaining 0.1% onshore.
The Chinese government hit back hours after President Donald Trump signed an executive order for the hike to 20%, saying China had done too little to stop the flow of illicit fentanyl into the US.
Trump has signaled a desire to speak with Chinese leader Xi Jinping, but they have yet to talk a month after the US president raised the possibility of a call to negotiate a deal.
China responded to the earlier 10% tariff with import taxes on some US goods and action against American firms including gene sequencing company Illumina Inc. These moves appeared calibrated to avoid major blowback on the Chinese economy while showing Trump an ability to disrupt the supply of key minerals and hurt US companies.
