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U.S., China step up trade war, slaps tit-for-tat tariffs
Why is it in news?
- New rates on both sides will go into effect on September 24, 2018 -The trade rivalry between the U.S. and China escalated to an unprecedented level, with both countries announcing new tariffs on imports from each other.
More in news
- The U.S. has announced 10% tariff on $200 billion of imports from China, whose retaliatory tariffs between 5% and 10% will apply to $60 billion of imports from the U.S.
- The new tariffs on both sides will go into effect on September 24, 2018.
- With the new announcements, U.S. tariffs will apply to $250 billion of Chinese goods and Chinese tariffs will apply to $110 billion of U.S. goods.
- U.S. administration has said that the rate of the new tariffs will be raised to 25% by the end of 2018.
- Around 5,000 American items are expected to face the new measures, including aircraft, soya bean oil, smoked beef, coffee and flour, according to a provisional list released month ago.
- With President Donald Trump threatening to impose tariffs on all Chinese imports and Beijing appearing ready to retaliate, the two largest economies might be hurtling towards a prolonged trade war that could impact the world economy.
Source
The Hindu