Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
The Chinese and American flags flutter near the BUND, before the US Commerce Delegation knows its Chinese counterparts for conversations in Shanghai, China, on July 30, 2019.
Ary song | Reuters
Beijing – China announced Tuesday that it would impose additional tariffs up to 15% In some American products on March 10 and restrict exports to 15 US companies.
The retaliation measures of the Ministry of Finance and the Ministry of Commerce of China occurred just when the additional tariffs of the United States entered into force in Chinese products.
Additional Chinese tariffs largely cover US agricultural assets, including corn and soybeans, which will be subject to new tasks of 15% and 10%, respectively, according to the website of the Ministry of Finance.
Companies affected by export controls include Leidos and General Dynamics Land Systems, according to the Ministry of Commerce.
China’s relationship with the United States is obliged to see disagreements, but China will not accept to press or threaten, Lou Qinjian, spokesman for the third session of the 14th National Congress of the People, told journalists on Tuesday morning.
The Congress will begin an annual meeting on Wednesday.
The White House has confirmed that the new 10% tasks in Chinese products will take effect on Tuesday, which causes the total number of new rates imposed in almost a month to 20%.
In a statement previously published on the day, the China Ministry of Commerce saying Beijing “firmly rejects” additional tariffs of the United States about Chinese products and will take countermeasures.
The duties will “damage” the commercial relations of the United States and China urges the United States to withdraw them, said the Ministry in Chino, translated by CNBC. Beijing has previously warned about the countermeasures, but had not yet detailed on Tuesday morning.
‘Disgust’ rate
“Commercial wars entail the risk of reprisals and climbs, and certainly in the case of China, and in the potentially case of Canada and Mexico, which will also face tariffs today … We would expect some response to arrive,” Frederique Carrier, head of RBC’s investment strategy of RBC Wealth Management, said the “capital connection” of CNBC on Tuesday.
“An answer may not be exactly Tit-For-OT, but a specific response to show the disgust that these countries are experiencing to obtain rates,” Carrier said.
After the first round of new US rates in February, China’s retaliation measures included Raise tariffs of certain energy imports in the United States and put two American companies in a list of unreliable entities that could restrict their ability to do business in the Asian country.
The United States effective rate in Chinese products is established to reach 33%, compared to around 13% before the president of the United States, Donald Trump, began his last term in January, according to estimates of the main economist of Nomura in China Ting Lu.
Global Times backed by China reported Monday, citing a source, which Beijing was Considering retaliation rates on US agricultural products.
American exports of agricultural products, such as soybeans to China, represent most of the US assets exported to China to 1.2%, or $ 22.3 billion, from 2023, according to Allianz Research Analysis.
Oil and gas occupy second place for a 1%action, or $ 19.3 billion, according to the investigation. Pharmaceutical products occupied third place with 0.8% or $ 15.6 billion.
