China hits back by levying tariffs on $60 billion of US goods

BEIJING: China will levy tariffs on about $60 billion worth of US goods in retaliation for brand spanking new US tariffs, as prior to now deliberate, however has lowered the volume of tariffs that it'll accumulate on the merchandise.

The tariff charges will be levied at five and 10 consistent with cent, as a substitute of the prior to now proposed charges of five, 10, 20 and 25 consistent with cent, the finance ministry stated on its web page overdue on Tuesday.

China will impose a 10 consistent with cent tariff on US merchandise it prior to now designated for a price of 20 and 25 consistent with cent. Liquefied herbal gasoline (LNG), for example, was once prior to now below the 25 consistent with cent tariff class however now will be matter to a tariff of 10 consistent with cent.

The new tariff measures will take impact on September 24, the date when the Trump management says it'll start to levy new tariffs of 10 consistent with cent on $200 billion of Chinese merchandise.

The tit-for-tat measures are the newest escalation in an more and more protracted trade dispute between the world's two greatest economies.