China Announces $60 Billion in New Tariffs on US Goods

August 3, 2018 Updated: August 3, 2018

Beijing proposed a set of new retaliatory tariffs on $60 billion worth of American goods on Aug. 3 in the latest salvo of its trade war with Washington.

The tariffs are not yet in effect with China’s commerce ministry saying that timing will depend on action from the United States.

China’s foreign ministry revealed a list of tariffs on 5,207 U.S. goods, including liquid natural gas, semiconductors, helicopters, small and midsize aircraft, steel products, and coffee. The duties on the goods range from 5 to 25 percent.

The announcement from Beijing comes just days after the administration of President Donald Trump proposed raising the tariffs on $200 billion worth of Chinese goods from 10 to 25 percent. China vowed to retaliate but called on the United States to return to talks to resolve the trade dispute.

The two nation exchanged tit-for-tat tariffs on $34 billion worth of each other’s goods in July. The United States warned that additional tariffs on $16 billion worth of goods are forthcoming and China vowed to quickly retaliate.

The White House and the Commerce Department did not immediately respond to a request for comment.

Beijing’s inclusion of liquid natural gas to the tariff list marks the deployment of one of its last major weapons from its energy and commodities arsenal in its duel with Washington.

Reuters contributed to this report.

Follow Ivan on Twitter: @ivanpentchoukov
RECOMMENDED