China has announced it will issue retaliatory tariffs on the United States after President Donald Trump imposed a 20 percent tariff on Chinese imports. According to the official statement from the Chinese Finance Ministry, Beijing will impose an additional 15 percent tariff on some US goods from March 10 onwards.
In addition to the tit-for-tat tariffs, China announced it would also restrict exports to at least 15 US companies.
As per reports, the Chinese tariffs will cover U.S. agricultural goods, including corn and soybeans, and the US company exports would impact organisations such as the General Dynamics Land Systems.
In the statement issued by the Chinese ministry, Beijing "firmly rejects" these additional tarrifs and announced it will take countermeasures.
"What the U.S. side has done is a typical act of unilateralism and bullying in disregard of facts, international trade rules and the voices of all parties," the ministry spokesperson added further.
Trump Hikes Tariffs Against China
While announcing tariffs and Mexico and Canada, Donald Trump imposed a 10 percent tariff on China as well.
However, after a month long pause on the 25 percent tariffs for Mexico and Canada, Trump announced the measures would be imposed on Tuesday.
In addition, the US President announced that the tariffs against China have been hiked from the earlier 10 percent to 20 percent.
As per the statement available on the White House website, Trump's hike from 10 to 20 percent tariff comes after China failed to take action to alleviate the drug crisis.
"In recognition of the fact that the PRC has not taken adequate steps to alleviate the illicit drug crisis, section 2(a) of Executive Order 14195 is hereby amended by striking the words “10 percent” and inserting in lieu thereof the words “20 percent," reads the official statement.
