HONG KONG, CHINA (SEPTEMBER 18, 2018) (REUTERS) – China will levy tariffs on about $60 billion worth of U.S. goods in retaliation for new U.S tariffs, as previously planned, but has reduced the volume of tariffs that it will collect on the products.
The tariff rates will be levied at 5 and 10 percent, instead of the previously proposed rates of 5, 10, 20 and 25 percent, the Chinese Finance Ministry said on its website late on Tuesday (September 18).
China will impose a 10 percent tariff on U.S. products it previously designated for a rate of 20 and 25 percent. Liquefied natural gas (LNG), for example, was previously under the 25 percent tariff category but now will be subject to a tariff of 10 percent.
The tit-for-tat measures are the latest escalation in an increasingly protracted trade dispute between the world’s two largest economies.
Meanwhile, Apple Chief Executive Tim Cook, whose products were spared from new U.S. tariffs on Chinese goods imposed on Monday (September 17), said on ABC News’ “Good Morning America” that he is optimistic that the United States and China will eventually work through their trade differences.