China Reply To US New Tariffs
This week America imposed new tariffs on $200 billion worth of imports from China, reigniting a trade war between the two nations, which has resulted in China announcing $60 billion worth of tariffs on US products today.
The US tariffs confirmed on Monday were the biggest so far, and will apply to almost 6,000 items, including handbags, rice and textiles. Items such as smart watches and high chairs, which were expected to be targeted, have surprisingly been ignored.
The Chinese commerce ministry said that it had no choice but to retaliate and that it hoped the US would correct its behaviour. Shortly afterwards they announced their own tariff adjustments, which included products such as liquefied natural gas, produced in states loyal to Trump.
Unless the two countries come agreement, the US taxes will take effect on 24th September, starting at 10% and increasing to 25% from the beginning of next year.
This is not the first time this year that the US has put tariffs on Chinese products. Last month, the trade war intensified when the US brought in a 25% tax on goods worth $16bn.
This latest round of tariffs means that around half of all Chinese imports to the US are now subject to new duties.
Supply Chain News from the Supply Chain Academy. The only learning resource centre focused solely on the subject of supply chain, for more information call 01708 259450 or email info@supplychainacademy.org.uk
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