China to penalize $60 billion of US imports in tit-for-tat move

Beijing: The trade war of China and the United States has intensified after Beijing added 60 billion US dollars of United States products to its import tariff list in retaliation for President Donald Trump’s planned levies on 200 billion US dollars’ worth of Chinese goods.

The tit-for-tat measures are the latest escalation in an increasingly protracted trade dispute between the world’s two largest economies.

The U.S. administration said it will begin to levy new tariffs of 10 per cent on nearly  200 billion dollars of Chinese products on next Monday with the tariffs to go up to 25 per cent by the end of 2018. Both countries tariffs will come into force next Monday.

In light of the U.S. action, China is reviewing plans to send a delegation to Washington for new talks, the South China Morning Post reported yesterday, citing a government source in Beijing.

Both countries’ tariffs come into force on Sep 24.

China’s yuan currency slipped against the dollar on Tuesday after news of the US measures. It has weakened by about 6.0 percent since mid-June, offsetting the 10 per cent tariff rate by a considerable margin.

Also Read: US Reimposes Economic Sanctions On Iran

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