China has announced additional tariffs of up to 15% on several US goods starting March 10 and imposed export restrictions on 15 US companies.
The ‘retaliatory’ measures from China’s Ministry of Finance and Ministry of Commerce came just after the US launched additional tariffs on Chinese goods.
According to the finance ministry’s website, China’s additional tariffs largely cover US agricultural goods including corn and soybeans, with new duties of 15% and 10% respectively.
The commerce ministry reported that companies affected by the export controls include Leidos and General Dynamics Land Systems.
Government spokesman Lou Qinjian told the 14th National People’s Congress that China-US trade relations will inevitably see disagreements, but the Asian giant will not accept pressure or threats.
The White House has confirmed that the new 10% duty on Chinese goods will take effect on Tuesday, bringing the total new tariffs imposed in just a month to 20%.
The launch of the tariffs will continue to 'hurt' US-China trade relations, even though China has urged the United States to withdraw them.
