China to Match U.S. Tariffs on $16 Billion of Imports on Aug. 23

China said it will begin imposing 25 percent duties on an additional $16 billion of American goods immediately after U.S. leviestake effect, making good on its pledge to retaliate in kind.

Customs will begin collecting the duties on theproducts from 12:01 a.m. on Aug. 23, the Ministry of Finance said in a statement on its website on Wednesday. The U.S. announced earlier this week that its own tariffs on $16 billion of Chinese goods would start that day. The Chinese list covers coal, oil, chemicals and some medical equipment.

The U.S.levied 25 percent duties on $34 billion in Chinese goods on July 6, prompting swift in-kind retaliation from Beijing.

That total could soon increase. The U.S. Trade Representative’s Office is reviewing tariffs on a further $200 billion in Chinese imports and those duties could start once a comment period ends on Sept. 6. In response, China has threatened up to 25 percent tariffs on$60 billion in American imports.

While trade tensions are being ratcheting up, China’s trade surplus with the U.S.stood at $28.1 billion in July, close to the record-high in June, data released Wednesday showed.

— With assistance by Miao Han

Source: Read Full Article