China and Russia Impose Retaliatory Extra Tariffs on US-Products starting Largest Trade War
July 7 , 2018
The worldwide trade war has kicked off as China and Russia hit back at the USA by announcing retaliatory extra duties on US products. As increased US tariff came into effect on Chinese goods (amounting to a whopping $34 billion) on Friday, China imposed 25 percent tariff ($34 billion-worth) on 545 US products. After imposing the retaliatory duties on US imports, China accused the United States of kicking off “largest trade war in economic history”. In a similar way, Russia also retaliated on earlier increased US steel tariff on foreign steel by imposing extra duties on US-products that the Russians can replace through indigenous equivalents. The US-products on which Russia has imposed extra duties include oil and gas industry related products, equipment needed for building roads, tools used in mining, and many more.