The U.S. says it will begin imposing tariffs of 25 percent on an additional $16 billion in Chinese imports, further escalating the trade war between the two countries.
The U.S. Trade Representative’s office says Customs will begin collecting the extra duties on 279 different product lines. The list includes a lot of industrial and machinery products. Agricultural machinery is on the list, including tractor pistons, seeders, planters, and irrigation systems.
Bloomberg says this will be the second time the U.S. slapped more duties on Chinese imports in a month.
The move comes as American companies complain that the more tariffs will eventually cost them more to do business and raise consumer prices. China has promised to retaliate with another $16 billion in tariffs on U.S. imports. The tariff total could actually increase soon.
The U.S. Trade Representative’s Office is looking into the possibility of a ten percent tariff on another $200 billion in Chinese goods. Those duties could be implemented shortly after the comment period ends on September 5th.
Source: National Association of Farm Broadcasting News Service.