China Ministry of Commerce announced to start to impose 25% retaliatory tariffs on USD 16B in US goods starting August 23, “in parallel with the US. The MOFCOM condemned that the US “once again overrides international law: as a very unreasonable practice. And Chin’s countermeasures were to safeguard its own “legitimate rights and interest and global multilateral trading system”.
Full short statement in simplified Chinese.
This is in response to US Trade Representative’s announcement yesterday, to start to collect 25% tariffs on USD 16B of Chinese imports starting August 23. The announced lists contains 279 of the original 284 tariff lines that were proposed back on June 15.
As a recap, this is the second tranche of tariffs as part of the Section 301 intellectual property investigations. The first tranche of 25% tariffs on USD 34B of Chinese goods already took effect on July 6. The upcoming 25% tariffs on USD 200B in Chinese goods are work in progress.
