The Ministry of Finance of China raised the duty on goods from the US worth $60 billion

ECONOMY

BEIJING, 3 Aug. /Basereporter.com/. The state Council of the PRC in response to Washington’s decision to strengthen protectionist measures against Chinese products has approved a new list of increased duties on a large list of goods produced in the United States, worth $60 billion. this was announced on Friday, the Ministry of Finance of China.

“In respect of 2493 products tariffs will be increased to 25%, 1078 points – up to 20% on 974 items – up to 10% at 662 points to 5%,” – said in a statement published on the official website of the Department.

As follows from the published annexes to the document, the 25% rate is subject to a long list of agricultural products, minerals, chemicals, perfumery and cosmetics, condoms and rubber gloves, leather products, suitcases and bags wood and articles of wood, paper, textiles, cotton fabric, nylon, carpets, clothing and shoes, dishes, jewelry and jewelry, iron and steel products, copper and alloys, a wide range of specialized, office and household equipment.

A 20% fee will apply to drinking beverages, canned food, honey, vodka, flour, vinegar, salt, fats, toothpaste, cardboard, a separate category of paper goods, office supplies, certain types of office equipment, production equipment, computers, generators, batteries, radars and navigational instruments, optics, musical instruments, landline phones, lights, fishing accessories, Antiques. The rate of 10% will affect animals, meat products, a range of rubber products, certain types of wire and metal products, musical instruments, sports equipment.

On 1 August it became known that President Donald trump instructed the U.S. representative for trade negotiations Robert Leitheiser to consider the introduction of fees in the amount of 25% instead of the previously planned 10% on imports of Chinese goods and services to $200 billion.

In June, the White house has applied the same tariffs on imports from China goods worth $50 billion. the Formal reason for this was the accusation against the Chinese side about the “theft of American intellectual property and technology” and on “the implementation of the unfair commercial practices”. Beijing regarded such action as a violation of WTO rules, and then repeatedly expressed to Washington a strong protest. July 6 was introduced increased response rates of 25% on goods from the States worth $34 billion, primarily in agricultural products, cars and seafood.

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