China ready to impose tariffs on $16 bln worth of US products

Global Business

China has decided to impose a 25-percent tariff on 16 billion dollars’ worth of U.S. goods, the Customs Tariff Commission of the Chinese State Council announced on Wednesday. The Chinese tariffs will take effect on August 23, said the commission.

CGTN’s Sean Callebs reports.

The decision followed the U.S. announcement earlier that it will begin imposing a similar tariff on 16 billion U.S. dollars’ worth of Chinese goods on August 23, 2018.

The U.S. has once again put domestic law above international law by imposing “very unreasonable” new tariffs on Chinese goods, said Chinese Commerce Ministry in a statement on Wednesday. The ministry also published the final list on its website.

The ministry said China has to safeguard its own legitimate interests as well as the multilateral trading system by taking countermeasures.

Paolo Von Schirach on the escalating U.S.-China trade war

CGTN’s Elaine Reyes spoke with Paolo Von Schirach, president of the Global Policy Institute, about what’s behind the renewed tit-for-tat measures between the U.S. and China.

Ryan Patel on the impact of tariffs on China and the U.S.

CGTN’s Mike Walter spoke with Ryan Patel, a global business executive who has worked for publicly-traded companies and startups, about the impact of tariffs on China and the U.S.