China announces retaliatory tariffs on US imports

In response to the tariffs to be imposed by the United States, China has announced 10% retaliatory tariffs on several US agricultural products, including soybeans, sorghum, porn, beef, aquatic products, fruits, vegetables and dairy products, reported news agency Reuters.

According to a statement by the Chinese finance ministry, the country will impose additional tariffs of 10%-15% on some US imports starting March 10.

Among the goods on which China has announced 15% tariffs are chicken, wheat, corn and cotton.

These heavy duties come after the United States imposed steep tariffs on not just China, but also Canada and Mexico on Tuesday, kicking off a potential trade war.

US President Donald Trump doubled tariffs on Chinese goods from 10% to 20% starting Tuesday, along with new 25% duty on imports from his neighbouring countries and two of its biggest trading partners – Canada and Mexico.

China’s move follows a similar retaliatory action by Canada, who announced tariffs on US goods worth $107 billion (155 billion Canadian dollars) from Tuesday.

Canada’s outgoing Prime Minister Justin Trudeau on Monday said that the county will levy 25 per cent tariffs on US goods worth 30 billion Canadian dollars from Tuesday if the Trump administration goes through with its plan.

On the rest of the US goods worth 125 billion Canadian dollars, tariffs will be slapped within 21 days, Trudeau added.

Mexico also said that the country was prepared with backup plans in case US goes ahead with its heavy tax imposition. “We have a plan B, C, D,” Reuters quoted Mexico President Claudia Sheinbaum as saying on Monday.