TRADE WAR: China introduces $34 billion tariffs

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On July 6, China will impose customs duties of $34 billion on imported products from the United States, Reuters reported, citing sources in Beijing.

“Our measures are the same, which means that if the US starts charging [tariffs] on July 6, we will start on July 6,” the source told Reuters, requesting anonymity, adding that “implementing measures will start at midnight. ”

Beijing’s move follows US President Donald Trump’s decision to introduce $34 billion in customs tariffs on products from China on July 6.

Although Beijing’s pace is a response, China will announce measures earlier due to the 12-hour time difference between China and the US.

Washington announced on June 15 its decision to introduce additional 25% tariffs on 818 Chinese products worth a total of $34 billion. In response, Beijing said it would take retaliatory action against agricultural products and automobiles imported from the United States.

Back in June, Chinese President Xi Jinping said his country was ready for trade battle with the United States.

The Asian president said that in Chinese culture it is traditional to “attack back.”

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“In the West there is a notion that if someone strikes you on the left cheek, you offer the other cheek,” he noted, adding, “In our culture, we attack back.”

On June 15, Trump began overtaxing some 50 billion dollars in Chinese products.

In addition, as China has already responded at a rate of 25 percent over 659 US products, Trump has threatened to introduce new restrictions on imports of the country worth $200 billion.

On June 21, Beijing announced that it was fully prepared to respond with “quantitative” and “qualitative” instruments if Washington approved new tariffs.

China are mostly directed their tariffs to industries located or strongly present in states that had voted in Trump in the last US elections. It remains to be seen how this will affect the controversial president’s reputation to those who voted for him.

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