China has imposed tariffs on 128 products from the United States worth around $3 billion (Rs 19,560 crore), fuelling fears of an all-out trade war between the world’s largest economies. These duties, which come into effect on Monday, were in response to the US imposing duties on steel and aluminium imports from China as part of President Donald Trumps “America First” policy.
Beijing accused the US of violating the World Trade Organization’s rules on bilateral trade, saying this gave it the right to stop offering concessions on the 128 American products. On March 23, China had warned that it will take action against the “prudent decisions” of the US government.
China’s ministries of commerce and finance said on Sunday that 15% import duty will be levied on 120 American products such as fruits, nuts, wine and steel pipes, and tariffs of 25% will be imposed on the eight other products, which include pork and recycled aluminium, CNN Money reported.
The move comes even as the Trump administration has plans to impose tariffs on more Chinese goods worth around $50 billion (Rs 3.25 lakh crore). The government made the decision after an investigation found evidence proving Chinese theft of intellectual property from US companies. They also filed a complaint at the World Trade Organization accusing China of violating patent laws.