China to Levy Retaliatory Tariffs on U.S. Goods

China announced to levy retaliatory tariffs on $34 billion worth of US goods, including agriculture products.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 agriculture products, automobiles and “aquatic products.”

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.

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.