- China on Friday announced plans for reciprocal tariffs on 128 U.S. products that include pork, wine, fruit and steel.
- Beijing will take measures against the U.S. goods in two stages if it cannot reach an agreement with Washington.
China’s commerce ministry on Friday proposed a list of 128 U.S. products as potential retaliation targets, according to a statement on its website.
The U.S. goods, which had an import value of $3 billion in 2017, include wine, fresh fruit, dried fruit and nuts, steel pipes, modified ethanol, and ginseng. Those products could see a 15 percent duty, while a 25 percent tariff could be imposed on imports of pork and recycled aluminium, the statement said.
The list did not go into greater detail. U.S. agricultural products, particularly soybeans, have been flagged as the biggest area of potential retaliation by Chinese President Xi Jinping’s administration.
Following the earlier threat from the Chinese embassy, the first retaliatory trade actions from China are emerging and US and Japanese equity markets are in freefall…
“China is not afraid of and will not recoil from a trade war. If a trade war were initiated by the U.S., China would fight to the end to defend its own legitimate interests with all necessary measures.”