China takes countermeasures as US tariffs on Chinese goods take effect

China has just announced that it is going to impose additional tariffs of up to 15% on some US goods from March 10 and restrict exports to 15 US companies. These retaliatory measures come as additional US tariffs take effect on Chinese goods.

The Chinese tariffs largely target US agricultural goods, such as corn and soybeans. They shall be subject to duties of 15% and 10%, according to China’s Ministry of Finance. Companies affected by the export controls include Leidos and General Dynamics Land Systems.

The US-China relationship is bound to see disagreements but Beijing is not ready to accept pressuring or threatening, according to Lou Qinjian, spokesperson for the third session of the 14th national People’s Congress.

In a statement published earlier in the day, the Ministry of Commerce of China highlighted that Beijing “firmly rejects” additional US tariffs on Chinese goods and is going to take countermeasures. Keep an eye out for more details.

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