The United States and China have begun imposing additional tariffs on each other's goods in what is the latest escalation of a bruising trade war.
China and the United States have begun imposing additional tariffs on each other's goods, the latest escalation in a bruising trade war despite signs talks will resume sometime this month.
The extra five per cent and 10 per cent tariffs were levied on 1,717 items of a total of 5,078 products originating from the US. Beijing will start collecting additional tariffs on the rest of the items from December 15.Beijing also started levying a five per cent tariff on US crude oil on Sunday, the first time US oil has been targeted since the world's two largest economies started their trade war more than a year ago.
The 15 per cent taxes apply to about $US112 billion of Chinese imports. All told, more than two-thirds of the consumer goods the United States imports from China now face higher taxes. The administration had largely avoided hitting consumer items in its earlier rounds of tariff hikes.But with prices of many retail goods now likely to rise, the administration's move threatens the US economy's main driver: Consumer spending.
After Sunday's tariff hike, 87 per cent of textiles and clothing from China and 52 per cent of shoes will be subject to import taxes.On December 15, the administration is scheduled to impose a second round of 15 per cent tariffs - this time on roughly $US160 billion of imports. If those duties take effect, virtually all goods imported from China will be covered.
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