China hits back at US in latest round of trade war

Views: 17

Beijing, Aug 23 (IANS) China on Thursday hit back at the US with additional 25 per cent tariffs on American goods worth $16 billion after Washington slapped taxes on Chinese goods of equal amount in the latest round of their worsening trade war.

So far, the two largest economies of the world have taxed each other’s goods worth $100 billion in total.

China’s Commerce Ministry said the latest tariffs by the US violate World Trade Organisation rules.

“China has no other alternatives but to take counter measures,” it said.

The ministry also said it will lodge a complaint with the World Trade Organization against the US tariffs on Chinese goods under Section 301 investigation.

The first round of tariffs came into effect in July when the US imposed taxes on Chinese goods worth $34 billion. Beijing had responded in kind.

ALSO READ:   Jet chief meets top aviation official amid airline's financial woes

The latest tariffs have come at the time of China’s vice Commerce Minister Wang Shouwen’s ongoing visit to the US to end the deadlock.

The trade spat was initiated by the US, which accuses China of unfair business practices. Beijing denies these charges.

–IANS

gsh/soni/bg

Comments: 0

Your email address will not be published. Required fields are marked with *