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2
April 2018
 |
Trade War (The Total Investment & Insurance Solutions)
The
trade war between China and the US escalated on Monday, with Beijing slapping a
tariff as high as 25 per cent on 128 American products.
China's
tit-for-tat move comes after US President Donald Trump announced to imposed
trade charges of up to $60 billion on Chinese imports on March 22 and did not
revoke them despite Beijing's stern warning.
The
Customs Tariff Commission of the State Council has decided to impose a tariff
of 15 per cent on 120 items of products imported from the US including fruits
and related products, and a tariff of 25 per cent on eight items of imports
including pork and related products from the country, according to a statement
posted on the ministry website.The Total
Investment & Insurance Solutions
The
tariffs come into effect from Monday.
Although
in violation of World Trade Organization (WTO) rules, the US measure went into
effect on March 23, which has severely undermined China's interests, Xinhua
quoted the statement as saying.
China
advocates and supports a multilateral trade system, the ministry said, noting
that to suspend tariff concession on US imports is a just move to safeguard
China's interests using WTO rules.
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