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China Hits US With Tariffs On $3 Billion Of Exports

Beijing (April 03, 2018): The Chinese government said that tariffs on about $3 billion worth of US imports are going into effect from Monday, hitting 128 products ranging from pork, meat and fruit to steel pipes.

It’s the latest move in escalating tensions between the world’s two largest economies, which some experts fear could turn into a trade war.Beijing says the new sanctions on 128 US products, which it first proposed 10 days ago, are in response to President Donald Trump’s tariffs on imports of steel and aluminum from China and some other countries.

But Trump also has more measures in the works aimed specifically at China. He has announced plans to slap tariffs on about $50 billion worth of Chinese goods following an investigation by his administration into the theft of intellectual property from US companies.The administration has said those tariffs will punish the Chinese aerospace, technology and machinery industries, but it hasn’t announced which specific products will be hit.

It’s unclear how China would respond to those aggressive measures. For now, Beijing is focusing on its response to the steel and aluminum tariffs.China’s commerce and finance ministries said in statements late Sunday that authorities are imposing tariffs of 15% on 120 American products — such as fruits, nuts, wine and steel pipes — and 25% on eight other products, including pork and recycled aluminum.

China is upset that Trump imposed the steel and aluminum tariffs on the grounds of national security, which Beijing says is an abuse of global trade rules.

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