Foreign

China to impose additional tariffs on U.S. imports worth $75b

Published

on



Tariff

Based on laws approved by the State Council, a total of 5,078 U.S. products would be subject to additional tariffs of 10 per cent or five per cent.

The tariff hikes would be implemented in two batches and would take effect from Sept. 1 and Dec. 15 respectively.

The U.S. government announced on Aug. 15, that it would impose additional tariffs of 10 per cent on Chinese goods worth about $300 billion, effective from Sept. 1 and Dec. 15, respectively, in two batches.

However, the U.S. move had led to a further escalation of bilateral trade frictions, greatly damaging the interests of China, the U.S and other countries.

The move would also gravely threaten the multilateral trading system and free trade principles.

The commission would continue with the work of exempting certain items from additional tariffs.

China’s imposition of additional tariffs was a forced response to U.S. unilateralism and trade protectionism.

China, however, reaffirmed once again that cooperation was the only correct choice for China and the U.S. and that only a win-win situation would lead to a better future.

It was hoped that both countries resolve their differences in a manner acceptable to both sides on the premise of mutual respect, equality, good faith and consistency of words and deeds, the statement said.

The two sides are expected to actively build a new balanced, inclusive and win-win Sino-U.S. economic and trade order, jointly safeguard, reform and improve the multilateral trading system.

YI/AIB

https://nnn.ng/china-to-impose-additional-tariffs-on-u-s-imports-worth-75b/

NGO inaugurates recycling plant in Badagry,  LAWMA pledges support Man, 46, in court for allegedly impersonating police officer Court dissolves 17-year-old marriage over threat to life China’s female peacekeepers promote gender equality, women’s rights – official Oil rises after OPEC warn members to stick to quotas Troops eliminate 16 terrorists, arrest 11 in N/E in 1 week – DHQ Somali president appoints new prime minister Man in court over alleged N50m fraud Man seeks divorce of 13-month-old marriage over alleged deception Climate change plays a role in United States fires, climate expert says COVID-19: Nasarawa Govt. sets up committee on schools reopening  UN investigator on Belarus warns of another ‘iron curtain’ Edo 2020: Youth group tasks stakeholders on peaceful election Police foil robbery attack in Niger Accident claims 1 in Anambra – FRSC NAF distributes medical oxygen cylinders to FCT isolation centres 2 traders bag 8 months imprisonment each for stealing a chicken Third Mainland Bridge phase one rehabilitation almost complete – Controller CSOs canvass better deal for African wildlife in COVID-19 policies Labourer bags 2 years imprisonment for stealing 12kg gas cylinder, mug cups Police nab 3 over alleged armed robbery, fraud, car theft in Niger  Afghan president approves inclusion of mother’s name on ID cards Tensions in Polish governing majority as lawmakers defy ruling party Kwara records 5 new COVID-19 infections Insurance firm donates 500 reflective jackets, kiosks to FRSC NIHOTOUR DG seeks cooperation of stakeholders to ‘sanitise’ tourism, hospitality industry Premier League urges government to stick to Oct. 1 date for fans return How we got rights to broadcast Live German Bundesliga matches – OurTv Gov. Diri sues for understanding over Bayelsa, Rivers boundary dispute COVID-19: Nigeria must embrace e-learning now – Olanipekun   Osaka withdraws from French Open with ‘hamstring’ injury COVID-19: NCDC records 131 new cases, as total infections now 56,735 Tanzania seeks stronger trade, diplomatic relations with Nigeria Group welcomes Lanlehin to APC By-elections: Boot Party, ZLP did not submit nominations – INEC Rep. asks I-G to probe alleged killing of youth by SARS in Osun Woman clubbed stepson to death in Kano Ondo 2020: INEC re-opens registration link for NYSC members Gov. Sule inaugurates conflict management committee COVID-19: PTF mandates schools to conduct weekly assessments Lagos bye-elections: Most opposition parties in Lagos too lazy — AD chairman Court remands 30-yr-old man for allegedly raping minor in Osun How we boosted our patronage during COVID-19 — Ibom Resort GM Gov. Ortom condoles Unongo over wife’s death Tertiary institutions in Delta can reopen now till Oct. 2- Commissioner Weight, measures: FG won’t condone sharp practices by traders- Director Maritime Agencies synergise for safety of waterways, improved transportation Flooding: Kwara Assembly passes motion to maintain drainage systems   COVID-19: INEC to enforce physical distancing in Edo election APC Caretaker Committee has no plans for extension, says member