The Chinese authorities have imposed 25% duties on imports from the United States worth about $34 bln a year, according to a statement by the Main Customs Administration of the People’s Republic of China.
The import duties came into effect at 12:01 Beijing time (07:01 MSK).
According to the US Customs and Border Service, the United States on July 6 at 00:01 local time, introduced the first installment of 25% import duties for 818 items of Chinese goods for the total amount of $34 bln. As a countermeasure, China simultaneously introduced 25% duties on goods worth a similar amount, Xinhua agency reported referring to the statement.
Trade war
The initiative of US President Donald Trump to impose 25% duties on imports from China, the total value of which is estimated at $34 bln, came into force on Friday.
In May, the White House announced that Washington intends to impose restrictions on certain China’s investments and 25% customs duties on certain categories of its goods supplied to the US market. These measures will be taken due to the fact that “China has consistently taken advantage of the American economy with practices that undermine fair and reciprocal trade.”
The United States “will implement specific investment restrictions and enhanced export controls for Chinese persons and entities related to the acquisition of industrially significant technology,” the White House said in a statement. In particular, the United States “will impose a 25% tariff on $50 billion of goods imported from China containing industrially significant technology, including those related to the “Made in China 2025″ program,” the statement said. “The final list of covered imports will be announced by June 15, 2018, and tariffs will be imposed on those imports shortly thereafter,” it noted.