China slaps retaliatory tariffs on US imports
China has increased tariffs by up to 25% on 128 US products including frozen pork, wine and certain fruits and nuts, escalating a spat between the world’s biggest economies in response to US duties on imports of aluminum and steel.
The tariffs, to take effect on April 2, were announced by China’s finance ministry and matched a list of potential tariffs on up to $3 billion in US goods published by China on March 23.
China’s Ministry of Commerce said it was suspending its obligations to the World Trade Organization (WTO) to reduce tariffs on 120 US goods, including fruit and ethanol. The tariffs on those products will be raised by an extra 15%. Eight other products, including pork and scrap aluminum, will now be subject to additional tariffs of 25%, Reuters reported.
In a statement published on Monday morning, the Chinese commerce ministry said the United States had “seriously violated” the principles of non-discrimination enshrined in World Trade Organization rules, and had also damaged China’s interests.