China will impose additional 25 percent tariffs on 659 US goods worth $50 billion in response to the USA announcement that it will levy tariffs on Chinese imports, the Chinese commerce ministry said.
On Friday, the U.S. imposed additional tariffs of 25 per cent on import of Chinese goods worth $ 50 billion, of which tariffs on $34 billion worth of Chinese products will be charged from July 6, while the remaining $ 16 billion worth of Chinese products will undergo further review in a public notice and comment process.
The release of goods lists also comes after jockeying by American companies dependent on certain imports who sought exemptions for certain goods - a process that is due to continue with the second, $16 billion tranche of Chinese imports. Tariffs on $34 billion of goods will take effect from July 6, according to Reuters.
But the White House maintains that any Chinese countermeasures would be unjust and could be met with further USA sanctions.
A set of retaliatory tariffs announced by China on Friday includes a plan to tax imports of American lobster, potentially jeopardizing one of the biggest markets for Maine's signature seafood. In return, China said it will impose $3 billion worth of tariffs between 15 to 25 percent on 128 American goods.
After the U.S. announcement, China's commerce ministry responded by saying that it would "immediately introduce countermeasures of the same scale and strength", although it did not go into detail.
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The revisions removed 515 items from an initial list published in early April following a public comment period, bringing the list to 818 product lines. Trump has been unmoved by a Chinese offer to buy an additional $70 billion worth of US farm and energy products and other goods, according to people familiar with the matter.
In addition, they will serve as an initial step toward bringing balance to the trade relationship between the U.S. and China, he asserted. "Given the frequent flip-flopping of the Donald Trump administration, it is still too early to conclude that a trade war will start", it said.
The Commerce Ministry said: "China does not want a trade war".
The tariffs would impact Chinese imports containing industrially significant technologies, including those related to China's "Made in China 2025" industrial policy.
China went on to call for other countries to join it in pressuring the U.S.to end the trade war.
U.S. Trade Representative Robert Lighthizer described the tariffs Friday as a "defensive" action. "Thus, there will be an impact on growth, in China, the U.S. and elsewhere, at a sensitive time for the global economy".