Beijing Introduces New Retaliatory Tariffs on about $75 Billion Worth of US Goods
China has announced new round of retaliatory tariffs on about billion worth of US goods. CNN reported.
As of next month, a 5% and 10% tariff for more than 5,000 types of items, including soybeans, coffee, whiskey, seafood and crude oil, will enter into force. The biggest increase - by 25 percent - will be taxed on imported US cars from December 15th.
For his part, US President Donald Trump has promised a swift response to Beijing's decision and advised US companies to find alternatives to manufacturing in China.
"We don't need China and, frankly, would be far better off without them," Trump wrote on Twitter. He also "ordered" American companies "to immediately start looking for an alternative to China."
In early August, Trump announced that he would impose an additional 10 percent duty on Chinese imports of $ 300 billion between September 1 and December 15.