In a significant move escalating the ongoing trade tensions, China will impose additional tariffs on several products imported from the United States starting March 10, the Customs Tariff Commission of the State Council announced on Tuesday.
The new tariffs include an extra 15-percent duty on imported chicken, wheat, corn, and cotton. Additionally, sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, and dairy products will face a 10-percent tariff increase. This decision follows the United States' imposition of a 10-percent tariff on Chinese imports effective March 4.
The commission criticized the U.S. action, stating that the unilateral imposition of tariffs undermines the multilateral trading system, increases the burden on American businesses and consumers, and erodes the foundation of China-U.S. economic and trade cooperation.
In addition to the tariff hikes, China has added 10 U.S. firms, including TCOM, Limited Partnership, to its unreliable entity list, according to a statement from the Ministry of Commerce. Effective immediately, these companies are prohibited from engaging in import and export activities related to China and are barred from making new investments within the country.
The Ministry emphasized that these measures are taken to maintain national sovereignty, security, and development interests, in accordance with relevant laws and regulations. This latest development marks a further intensification of the economic battle between the two global giants, impacting various sectors and stakeholders on both sides.
The ongoing trade disputes between China and the United States continue to influence global markets, affecting international business strategies and economic forecasts worldwide.
Reference(s):
cgtn.com
