China has announced to enforce tariffs on $60bn (£46bn) of more than 5,000 United States products, starting from next month following the US-China trade tussle. Earlier United States has imposed tariffs on $200bn of imports from China.
Beijing has warned to retaliate the US move and now the latest announcement came as a result of extending bilateral row. US President Donald Trump told earlier that new tariffs will be paid by US companies on importing Chinese products. However, China warned the US shouldn’t consider that it will accept any bitter move which will harm its interest.
Shortly before the Beijing announcement, Mr. Trump warned China on Twitter to not retaliate as it will make things worse than before. He further said that the US has provided many advantages to China in the past and if the US consumers want to escape from the tariffs then they should go for other sources to get the same as most of the tariffed companies are going away with Chinese products for Vietnam and others.
The affected things included dairy and meat products like beef, lamb, vegetables, fruit juice, cooking oil and coffee products, etc. Geng Shuang from the foreign ministry of China has told the media that we will never come under pressure. US markets drop down amid Chinese imposition of tariffs with the Dow Jones Industrial Average and broad-based S&P 500 see 1.8% decline, the Nasdaq drop down to 2.3%.
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