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U.S., China step up trade war, slap tit-for-tat tariffs
News:
- U.S and China announced new tariff on Imports from each other
Important Facts:
- U.S has announced 10 % import tariff on China and China retaliated with 5 % to 10 %.
- U.S. tariffs will apply to $250 billion of Chinese goods and Chinese tariffs will apply to $110 billion of U.S. goods.
- New tariff rate is expected to increase by 25 % by end of 2018
- Around 5,000 American items are expected to face the new measures, including aircraft, soya bean oil, smoked beef, coffee and flour etc.
- 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
