China to slap 5% & 10% tariffs on $60bn of US goods from 24 September

18 September 2018 15:27 Source:ICIS News

SINGAPORE (ICIS)--China’s Ministry of Finance announced late on Tuesday it would impose 5% and 10% tariffs on $60bn of US goods from 12:01 Beijing time on 24 September as a countermove against the latest US measure.

That would be largely lower than its initial plan, which was announced on 3 August and included 5%, 10%, 20% and 25% rates.

The product list would remain the same.

Tariffs earlier proposed as 20% and 25% would be slashed to 10%, and that previously proposed for 5% and 10% would both apply 5% rates.

Washington’s final tariff was also lowered to 10% from an original plan of 25%.

Meanwhile, the Ministry of Commerce said that it already filed a complaint to the World Trade Organization (WTO) on the fresh US tariffs imposed on $200bn of Chinese goods.

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By Fanny Zhang