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US Imposes $200bn Tariff on China

  • The US has taken its trade war with China one step further by imposing tariffs on Chines goods worth $200bn. This has been the biggest blow from the US to China in terms of imposing tariffs. As many as 6,000 items (for example textiles, rice, and handbags) will be levied with taxes. The tariffs will be in effect from September 24th. The taxes first will be applied at the rate of 10% and would later increase to 25% in 2019. Except if the two economies make a deal, the tariff situation would stay the same. Earlier, China vowed to answer back against any more US tariffs.