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China slaps tariffs on US pharma, crude oil, soybeans in retaliation


CHINESE retaliatory measures went into effect in response to last week's 15 per cent US tariff on tools, apparel, footwear and electronics valued at US$111 billion last year, according to the Wall Street Journal.

In retaliation, the biggest categories of American exports to be hit with extra tariffs include $3.2 billion in annual soybean shipments, $2.55 billion in crude oil and $1.16 billion in pharmaceuticals, said the report.

US tariffs on imports from China went into effect on Sunday, escalating the ongoing trade war. Additional tariffs of 15 per cent on smartphones, laptops, toys, video games and other products have been postponed until December 15, after the Christmas shopping season.

The US previously imposed tariffs of 25 per cent on about $250 billion of Chinese imports, largely on items used by businesses, and those tariffs are set to rise to 30 per cent in a month.

Earlier, Beijing indicated that it will not immediately retaliate against the latest US tariff increase announced by President Donald Trump, emphasising the need to discuss ways to deescalate the trade war, Bloomberg

Said Ministry of Commerce spokesman Gao Feng: "China has ample means for retaliation, but thinks the question that should be discussed now is about removing the new tariffs to prevent escalation of the trade war. China is lodging solemn representations with the US on the matter."

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