IMPERIA REMAINS: China imposed a 25 percent duty on US $ 50 billion worth of US imported goods.

In response to US President Donald Trpul's decision to impose customs duties on Chinese imports worth $ 50 billion, Beijing has also set tariffs of 25 percent to 659 US products of the same total value.

US agricultural products, fish and cars worth about US $ 34 billion in US goods will be hit by Chinese customs on July 6, with another $ 16 billion worth of products that will soon be on the rise, a government agency Xinhua reported quoting the Tariff Commission of the State Council. Beijing made this step simply in response to the US imposed 25 percent duty on Chinese products released on Friday. The first package of revised US tariffs should begin on July 6, and will apply to 818 Chinese products, and later 284 products will be added.

The reason for the introduction of tariffs, the US Treasury Department has accused China of "stealing intellectual property and technology and other unjust trading practices." Beijing rejected this claim, arguing that US high customs were against the rules of the World Trade Organization (WTO) and previous trade negotiations . "It also seriously damaged China's legitimate rights and interests and hurt the interests of China and its people," the Xinhua government agency reported.

Secretary of State Treasury, Steven Mnuchin, traveled to China for a circle of trade talks last month, allegedly demanding that Beijing reduce its trade surplus by $ 200 billion. "We put a trade war on hold," Mnuchin said at the time, adding that the two countries agreed on a framework for reducing trade imbalances. Since then, the mutual relations between Washington and Beijing have set off again.

"China and the United States have held several rounds of consultations on economic and trade issues in an effort to resolve differences and achieve a winning situation. The United States has continued to change, and now they have launched a trade war, "China Trade Minister said on Friday. China's announcement of tariffs on US products has caused the US dollar to lose ground under its feet against the Japanese yen, the euro and the British pound.

Chinese yuan is traded at the lowest levels in the past five months to the dollar, Reuters reports. The index measuring the value of the dollar against the six main currencies recorded an increase of 1.3 percent last week, which is the best results in nearly two months. New customs apply to meat, seafood, dairy products, cereals, fruits and vegetables, tobacco and cigarettes, and a wide range of personal cars and hybrids.

Among the specific products cited by the Chinese government are "unrefined pork fat", coconut walnuts with or without shell, all types of rice (including rice flour), frozen orange juice, whiskey and octopus.

• 17 Jun, 2018
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