Chinese govt hits back with tariffs on $60 billion of US goods

Xi Jinping with Donald Trump. File Photo/Agency

Chinese govt led by President Xi Jinping announced on Tuesday it will impose additional tariffs on US products worth $60 billion in response to the newly-announced American tariffs on Chinese goods.

According to the Customs Tariff Commission of the State Council, the tariffs will go into effect from September 24, Xinhua news agency reported. China also filed an additional complaint with the World Trade Organization against Washington's decision to impose tariffs on $200 billion worth of Chinese goods under the Section 301 investigation, the Commerce Ministry said.

Earlier, US President Donald Trump has escalated his trade war with China, saying his administration would impose tariffs on $200 billion worth of goods and was also prepared to tax all imports.

US President Donald Trump in a statement released late Monday, showed no sign of backing down from the type of full-blown trade war between the world's two largest economies that has rattled financial markets, saying he was prepared to "immediately" place tariffs on another $267 billion worth of imports "if China takes retaliatory action against our farmers or other industries", The New York Times reported. The tariffs on $200 billion worth of products come on top of the $50 billion worth already taxed earlier this year, meaning nearly half of all Chinese imports into the US will soon face levies.

"For months, we have urged China to change these unfair practices, and give fair and reciprocal treatment to American companies," Trump said in the statement. US and China are both engaged in a tussle over the economy and it doesn't make any sense for both superpowers to indulge in tit for tat for petty reasons. Donald Trump and Xi Jinping are both strong leaders in their own right and for the world's sake, China and America have to provide strong leadership.

(with inputs from agencies)

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