Beijing has announced it will be raising tariffs on a variety of American products, pushing the total levies to 84% on some goods. This decision comes after the United States, under President Trump, increased tariffs on Chinese imports to 104%. The Chinese government views this move as a necessary response to protect its economic interests.
The affected goods include agricultural products, manufactured goods, and other commodities. The increase in tariffs is expected to raise prices for American consumers and potentially disrupt supply chains. Businesses that rely on trade between the two countries are likely to face increased costs and uncertainty.
This latest development highlights the ongoing trade disputes between the world's two largest economies. Negotiations between the U.S. and China have been ongoing, but significant disagreements remain. The potential for further escalation remains a concern for global markets.
China Responds to US Tariffs with Increased Levies
China has announced increased tariffs on a range of U.S. goods in direct response to recent tariff hikes imposed by the United States. The new levies, reaching as high as 84%, are seen as a retaliatory measure against U.S. tariffs. This escalation in trade tensions could have significant impacts on businesses and consumers in both countries. Experts are closely watching the situation for potential further developments.
Source: Read the original article at CBS