China will impose additional tariffs of 10%-15% on certain US imports from March 10, the Chinese finance ministry said in a statement. This comes after US President Donald Trump’s new 25% tariffs on imports from Mexico and Canada took effect along with a doubling of duties on Chinese goods to 20%.
Which US Products Will Face Tariffs?
Among the US products which will face 10% retaliatory tariffs in China are soybeans, sorghum, pork, beef, aquatic products, fruits, vegetables and dairy products. The Chinese finance ministry said that 15% tariffs will be imposed on chicken, wheat, corn and cotton.
Additionally, China also imposed export and investment restrictions on 25 US firms, news agency Reuters reported.
Donald Trump’s Tariffs Come Into Effect
Donald Trump doubled tariffs on Chinese goods from 10% to 20% along with a new 25% duty on imports on Canada and Mexico. Following this, Canada also announced tariffs on US goods worth $107 billion.
Canada’s outgoing Prime Minister Justin Trudeau said that the county will levy 25 per cent tariffs on US goods worth 30 billion Canadian dollars- in case the Donald Trump administration goes through with its plan.
Justin Trudeau said that Canada will also impose tariffs- within 21 days- on the rest of the US goods worth 125 billion Canadian dollars.
Mexico said that it was prepared with backup plans in case the US goes ahead with its heavy tax imposition. The country’s President Claudia Sheinbaum said, “We have a plan B, C, D.”
