China unfolds new retaliatory tariffs on US

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CNBC:

In a quick response to U.S. tariffs, Beijing announced on Friday its own duties on American products, including the politically sensitive areas of agriculture products and automobiles.

The Chinese State Council’s commission on tariffs and customs said in an online statement that a 25 percent tariff will take effect July 6 on $34 billion of U.S. goods.

The list includes soybeans, electric vehicles, a range of hybrid electric vehicles, a variety of seafood and pork, according to the Ministry of Commerce.

The tariffs counter the United States Trade Representative’s announcement earlier on Friday that the U.S. will initially impose an additional 25 percent tariff on 818 Chinese imports worth about $34 billion on July 6. Duties on an additional $16 billion worth of goods from China will need to undergo public review. If approved, that would bring the total to $50 billion worth of Chinese goods.

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