China has decided to slap 25% tariffs on 106 products originating from US, with the chemicals sector one of the key targets of the measures according to a statement from China’s Ministry of Finance on 4 April.
The counter-measure from China side covers soybeans, cars and chemicals worth some $48bn of US imports. The implementation date will be announced separately, depending on US measures against China, according to the Chinese Ministry.
The US on 3 April released a proposed list of products imported from China that could face 25% tariffs, covering 1,333 products valued at some $50bn in annual imports, in aerospace, information and communication technology, robotics and machinery.
The Chinese Ministry said that such move is wholly against World Trade Organization (WTO) trade principles and values, and infringes China’s legitimate rights, threatening China’s development interests.
China’s Ministry of Commerce said China would retaliate against US tariffs with the same intensity and scale. The escalating friction between the two is expected to boost prices of a range of products beyond those in the lists, industry sources said.