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China Announces New Tariffs On 106 US Products

Beijing (April 05, 2018): China unveiled plans on Wednesday to hit major United States (US) exports worth $50 billion such as soybeans, cars and small airplanes with retaliatory tariffs in an escalating trade duel between the world’s two top economies.

The move came hours after President Donald Trump’s administration published its own $50 billion list of Chinese products facing US tariffs over Beijing’s alleged theft of intellectual property and technology.The two powers have engaged in heated rhetoric and tit-for-tat actions that have raised the prospects of a trade war and rattled global markets.

Foreign ministry spokesman Geng Shuang said China remains open to talks, “but the opportunity for consultation and negotiation has been missed by the US side time and again”.

“The US side should not try to threaten China in a condescending way. We should have give and take, instead of threatening the others senselessly,” Geng told reporters before Beijing announced the tariff plan.Image result for China Foreign ministry spokesman Geng Shuang “Any attempt to bring China to its knees through threats and intimidation will never succeed. It will not succeed this time either.”

The Chinese commerce ministry unveiled a list of 106 products, including chemical products and frozen beef, that will get hit by duties of 25 per cent, though it did not announce a date for their implementation.

A third of US soybean exports go to China, totalling $14 billion last year, and the product comes from rural states that voted for Trump in the 2016 election.

The tariffs also target airplanes that weigh no more than 45,000 kilos, smaller than the major commercial jets made by Boeing.

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