China unveils new tariffs on $75 billion worth of US goods
Beijing announced tariff increases on $75 billion worth of US exports on Friday in response to President Donald Trump’s own planned hikes as the US-China trade war heats up further.
On Friday, China said that it will increase tariffs on $75 billion worth of US exports after President Donald Trump threatened to hike charges on over $300 billion of Chinese goods earlier this month.
The move threatens to push the global economy into a recession as the US-China trade dispute over trade and technology continues to worsen.
More than 5,000 US products hit by Chinese tariffs
China plans to impose new tariffs of 5% or 10% on a total of 5,078 US products including agricultural and crude oil. Beijing is also reinstating tariffs on US car and auto parts.
‘China’s decision to implement additional tariffs was forced by the U.S.’s unilateralism and protectionism,’ China’s Commerce Ministry said in a statement.
Trump orders US firms to look for alternatives to China
In retaliation, Trump ordered US companies to start looking for alternatives to Chinese exports.
‘Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA.’
Trump said that he plans to response to China’s tariffs this afternoon.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
Please see important Research Disclaimer.
Live prices on most popular markets
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.