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China Hits Back: Imposes 25% Tariff on US Products Worth $16 bn

  • In a comeback move, China has announced that it would impose 25% tariffs on US products of worth $16 billion. This is the latest development in the trade war between the two biggest economies of the world. The Chinese government has stated that the tariffs would be in effect from 23 August. The US products like diesel fuel and chemical items would be levied with tariffs.

    On Tuesday, US revealed its own list of 279 Chinese products for imposing tariffs. The US believes China has been involved in unfair trade practices and has vowed to bring down the trade deficit with Beijing.