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Financial News: China Hits Back With 25% Tariff On U.S.

China Hits Back With 25% Tariff On U.S. Imports

04/04/2018 - 09:53:00 (RTTNews)

(RTTNews) - In retaliation to the United States' plan to impose a 25 percent tariff worth $50 billion on about 1,300 Chinese products, China announced the same tariff on a list of 106 U.S. goods, including aircraft, cars, soybeans, chemical products and orange juice.

The Office of the U.S. Trade Representative or USTR said the latest trade measure is part of "the U.S. response to China's unfair trade practices related to the forced transfer of U.S. technology and intellectual property."

President Donald Trump had announced a month ago that the United States will impose tariffs on $50 billion worth of Chinese imports in response to China's policies that force American companies into transferring their technology and intellectual property to domestic Chinese enterprises.

These policies bolster China's intention of seizing economic leadership in advanced technology as set forth in its industrial plans, such as "Made in China 2025," according to USTR.

Targeted sectors include industries such as aerospace, information and communication technology, robotics, and machinery.

USTR made it clear that the products subject to the additional duties will be finalized only after further review in a public notice and comment process, including a hearing.

On the other side, the Customs Tariff Commission of the Chinese State Council has decided to impose additional tariff of 25 percent on 106 items of products under 14 categories, the Ministry of Finance said in a statement on its website.

The date of implementation will depend on when the U.S. government impose the tariffs on Chinese products, the ministry said.

Just days ago, the USTR filed a request for consultations with China at the World Trade Organization (WTO) to address China's discriminatory technology licensing requirements. It is the first step in the WTO dispute settlement process.

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