China retaliates on US Tarrifs

*China announces retaliatory tariffs on $34 billion worth of US goods, including agriculture products*

In a quick response to U.S. tariffs, Beijing announced on Friday its own duties on American products, including agriculture products and automobiles.

On Friday, the United States Trade Representative said the U.S. will initially impose an additional 25 percent tariff on 818 Chinese imports worth about $34 billion on July 6. Duties on an additional $16 billion worth of goods from China will need to undergo public review.

The Chinese Ministry of Commerce said Beijing would immediately introduce tariffs on the “same scale” and strength as the U.S. The ministry also said results from previous trade negotiations were now nullified.

In May, Beijing and the U.S. agreed to “meaningful increases” in U.S. agriculture and energy exports to China. However, the White House subsequently said it would still pursue tariffs on Chinese goods that were proposed in April, causing trade relations to deteriorate.

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