China announced additional tariffs on 106 U.S. products, in a move likely to heighten global concerns of a tit-for-tat trade war between the world’s biggest economies.
The new charges are targeted at U.S. products including soybeans, cars and whisky.
- The effective start date for the new charges will be revealed at a later time, though China’s Ministry of Commerce said the tariffs are designed to target up to $50 billion of U.S. products annually.
- The 25 percent levy on U.S. imports includes products such as soybeans, cars and whisky, Beijing said.
- The move comes less than 24 hours after President Donald Trump unveiled a list of Chinese imports that his administration aims to target as part of a crackdown on what the president deems unfair trade practices.
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China will impose additional tariffs of 25 percent on 106 U.S. goods including soybeans, autos, chemicals, some types of aircraft and corn products, among other agricultural goods, the finance ministry said on Wednesday.
The products targeted by the tariffs were worth $50 billion in 2017, according to a separate statement from the commerce ministry.
Extra tariffs will also be slapped on products such as whisky, cigars and tobacco, some types of beef, lubricants, and propane and other plastic products, the finance ministry said in its statement.
U.S. orange juice, certain sorghum products, cotton, some types of wheat, as well as trucks, some SUVs, certain electric vehicles, will also be subject to the new duties, the finance ministry said.
U.S. stock futures pointed to a tumble at the open Wednesday, as fresh worries about a potential trade war between the U.S. and China weighed on investors.
Chinese officials said Wednesday that they plan to impose tariffs of up to 25% on 106 American products such as soybeans. That comes after the Trump administration on Tuesday gave details on the $50 billion of Chinese goods that it plans to hit with 25% tariffs unless Beijing makes major trade and investment concessions soon.