The 25 percent tariffs will be placed on imports such as soybeans, cars and whisky. The move comes in response to President Donald Trump’s recent announcement that he plans to levy additional tariffs on Chinese imports used in sectors such as robotics, IT and aerospace.
China’s new tariffs are expected to affect $50 billion worth of U.S. imports annually, whereas the first round of tariffs on 128 products was expected to affect $3 billion annually.
“I think Beijing is very keen to show that it is not going to be bullied, too,” Neil Dwane, global strategist at Allianz Global Investors, told CNBC.
More articles on business:
Tesla increases manufacturing output by 400% in first production quarter of 2018
Fully virtual offices up 650% in 2017
Spotify is breaking the mold for their IPO: 4 things to know
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
