BUSINESS

US Tariffs Imposed On $200 Billion Chinese Goods

Author
US Tariffs Imposed On $200 Billion Chinese Goods

The US is slapping new tariffs on $200 billion of Chinese goods as it escalates its trade war with Beijing.

These will apply to almost 6,000 items, constituting the biggest round of US tariffs so far.

Handbags, rice, and textiles will be taxed, but some items expected to be targeted, such as smart watches and high chairs, have been spared.

The Chinese commerce ministry said it had no choice but to retaliate, but is yet to detail any action.

The US taxes will take effect from September 24, starting at 10 percent and increasing to 25 percent from the beginning of next year unless the two nations strike a deal.

The additional tariffs are on top of penalties imposed earlier this year on $50 billion worth of Chinese goods. Taken together, it means roughly half of the products that China sells to the United States each year will be taxed by American tariffs.

In July, the administration published a list of thousands of products selected for the latest round of trade penalties. More than 300 products were taken off that list – including smartwatches, health, and safety devices and children's playpens.

Image credit: Getty Images