China announced Sunday it will impose retaliatory tariffs on 128 products it imports from the U.S. response to President Trump’s decision to impose tariffs on steel and aluminum imports.
In a statement from Beijing’s Ministry of Finance, China said it would raise tariffs on seven different categories of imports in order to protect its interests and balance the losses from Trump’s decision.
Chinese officials said pork products and aluminum scrap from the U.S. would be hit with a 25 percent tariff, while nuts and fruits will see a 15 percent tariff.
“China’s advocacy and support for the multilateral trading system and the suspension of tariff concessions to the United States are legitimate measures taken by China to use the rules of the World Trade Organization and safeguard its interests,” the Ministry of Finance said.
The move from China will most likely effect $3 billion in U.S. imports, according to CNBC. However that $3 billion, a small piece of the $115.6 billion bilateral trade relationship between the two nations.
In early March, the Trump administration announced the U.S. would be imposing a 10 percent increase in tariffs on aluminum imports, and 25 percent on steel.
“This measure was implemented on March 23 and caused serious damage to our interests,” China said about Trump’s move.
