U.S., China step up trade war, slap tit-for-tat tariffs

U.S., China step up trade war, slap tit-for-tat tariffs

News:

1. U.S and China announced new tariff on Imports from each other

Important Facts:

2. U.S has announced 10 % import tariff on China and China retaliated with 5 % to 10 %.
3. U.S. tariffs will apply to $250 billion of Chinese goods and Chinese tariffs will apply to $110 billion of U.S. goods.
4. New tariff rate is expected to increase by 25 % by end of 2018
5.  Around 5,000 American items are expected to face the new measures, including aircraft, soya bean oil, smoked beef, coffee and flour etc.
6. Timeline of trade war between China and U.S

• S imposes tariffs of 20 % and 30 % on solar cell and washing machine in Jan, 2018
• Tariff of 25 % and 10 % on steel and aluminum imports from all nations in March same year.
• China imposed 5 % import duty on U.S imports in Apr, 2018
• In May 2018, U.S accuses China of theft of technology.
• In Aug, 2018 US imposed the tariff on $16 BN of Chinese imports