China and the United States launch a new series of reciprocal tariffs


BEIJING (Reuters) – China and the United States began imposing additional tariffs on their respective products on Sunday, the latest escalation of a deadly trade war, despite signs of renewed talks this month. this.

China and the United States launch a new series of reciprocal tariffs
FILE PHOTO: This image shows US dollar and Chinese yuan banknotes on June 2, 2017. REUTERS / Thomas White / Illustration / File Photo

A new tariff series came into effect from 0401 GMT. The 5% Beijing US crude oil tax is the first target since the world's two largest economies began their trade war more than a year ago.

The Trump administration will start levying 15% tariffs on more than $ 125 billion in Chinese imports, including smart speakers, Bluetooth headphones and many types of shoes.

In retaliation, China began imposing additional tariffs on some of the US goods on a $ 75 billion target list. Beijing has not specified the value of goods subject to higher tariffs from Sunday.

Additional tariffs of 5% and 10% were levied on 1,717 items out of a total of 5,078 products from the United States. Beijing will start collecting additional customs duties on the remainder from December 15.

Last month, US President Donald Trump announced a 5% increase in existing and planned tariffs on Chinese imports of about $ 550 billion after Beijing announced its own tariffs retaliation on American products.

15% rates on cell phones, laptops, toys and clothing will come into effect on December 15th.

The office of the US Trade Representative announced Thursday it would collect public comments until September 20 on a tariff increase planned at 30% on a list of goods of $ 250 billion already hitting a tariff of 25%.

Sales teams from China and the United States continue to discuss and meet in September, but tariff increases on Chinese products scheduled for Sunday will not be delayed, Trump said.

For the past two years, the Trump administration has sought to pressure China to radically change its policy of protecting intellectual property, technology transfers to Chinese companies, industrial subsidies and market access.

China has always denied Washington's accusations that it is engaging in unfair trade practices, promising to retaliate in this way and criticizing US measures as protectionist.

China lobbied the United States to cancel the tariff increase, but said last week that a round of negotiations in September was under discussion between the two.

The trade war is putting a strain on Beijing-Washington relations, already overshadowed by the United States' exercise of freedom of navigation near the Chinese-occupied islands in the disputed South China Sea, and by United States support for an autonomous and democratic Taiwan, claimed by China.

Report by Ben Blanchard, Judy Hua and Shivani Singh; Edited by Clarence Fernandez

Our standards:The principles of Thomson Reuters Trust.

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