Ag Today August 3, 2018

China announces $60B of US goods for tariff retaliation

BY JOE MCDONALD
AP Business Writer, The Sacramento Bee
August 03, 2018 10:46 AM

BEIJING
China said Friday it is poised to impose retaliatory tariffs on $60 billion worth of U.S. imports, including coffee, honey and industrial chemicals, if Washington goes ahead with its latest trade threat.

China’s Finance Ministry accused the Trump administration of damaging the global economy after the U.S. proposed increasing duties on $200 billion of Chinese goods in the second round of a dispute over technology.

“China is forced to take countermeasures,” said a ministry statement. It said retaliatory duties of between 5 and 25 percent will be imposed on 5,207 products “if the U.S. side persists in putting its tariff measures into effect.”

Washington imposed 25 percent duties on $34 billion of Chinese goods on July 6 in response to complaints Beijing steals or pressures companies to hand over technology. Beijing retaliated by imposing similar charges on the same amount of U.S. products.

Read more