{"id":37934,"date":"2018-09-18T08:53:15","date_gmt":"2018-09-18T13:53:15","guid":{"rendered":"http:\/\/olduvai.ca\/?p=37934"},"modified":"2018-09-18T08:53:15","modified_gmt":"2018-09-18T13:53:15","slug":"china-retaliates-beijing-to-levy-60bn-in-tariffs-on-us-goods-effective-sept-24","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=37934","title":{"rendered":"China Retaliates: Beijing To Levy $60BN In Tariffs On US Goods Effective Sept 24"},"content":{"rendered":"<div id=\"block-zerohedge-page-title\" class=\"block block-core block-page-title-block\">\n<h3 class=\"page-title\"><a href=\"https:\/\/www.zerohedge.com\/news\/2018-09-18\/china-retaliates-beijing-levy-60bn-tariffs-us-goods-effective-sept-24\"><span class=\"field field--name-title field--type-string field--label-hidden\">China Retaliates: Beijing To Levy $60BN In Tariffs On US Goods Effective Sept 24<\/span><\/a><\/h3>\n<\/div>\n<div id=\"block-zerohedge-content\" class=\"block block-system block-system-main-block\">\n<article class=\"node node--type-article node--view-mode-full\" role=\"article\" data-gtm-vis-recent-on-screen-2077925_22=\"1143\" data-gtm-vis-first-on-screen-2077925_22=\"1143\" data-gtm-vis-total-visible-time-2077925_22=\"100\" data-gtm-vis-has-fired-2077925_22=\"1\">\n<div class=\"node__content\">\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>Just as Donald Trump was further threats aimed at Beijing after he launched another $200BN in tariffs targeting Chinese imports, and warning that &#8220;there will be great and fast economic retaliation against China if our farmers, ranchers and\/or industrial workers are targeted!&#8221;, China&#8217;s Ministry of Finance <a href=\"http:\/\/gss.mof.gov.cn\/zhengwuxinxi\/zhengcefabu\/201809\/t20180918_3022592.html\">issued a statement <\/a>disclosing that it would retaliate by levying tariffs on another $60BN in US goods (effectively covering all US imports with tariffs), which would take effect from Sept. 24 at 12:01 p.m.<\/p>\n<p>While the retaliation was expected, in what appears to be an olive branch to Trump, <strong>Beijing said that it would impose a 10% tariff rate on goods that it previously listed at a 25% rate, and a 5% rate for goods that previously were seen as being in the 10% rate bucket.<\/strong><\/p>\n<p>Here are the highlights, from Reuters and Bloomberg:<\/p>\n<ul>\n<li><strong>CHINA SAYS NEW TARIFFS ON U.S. GOODS EFFECTIVE AT 1201 LOCAL HOURS ON SEPT 24<\/strong><\/li>\n<li><strong>CHINA TO LEVY TARIFFS ON $60B U.S. GOODS<\/strong><\/li>\n<li><strong>CHINA SAYS TO LEVY TARIFF RATES RANGING BETWEEN 5 TO 10 PERCENT ON U.S. GOODS<\/strong><\/li>\n<li><strong>CHINA SAYS NEW TARIFFS WILL BE LEVIED ON 5,207 U.S. PRODUCTS, UNCHANGED FROM INITIAL PROPOSAL<\/strong><\/li>\n<\/ul>\n<p>China also said that if the US insists on raising tariffs rates on Chinese goods (from 10% to 25% or more), China would respond accordingly, but noted that it hopes to stop trade frictions and hold a constructive dialogue.<\/p>\n<p>The full statement, <a href=\"http:\/\/gss.mof.gov.cn\/zhengwuxinxi\/zhengcefabu\/201809\/t20180918_3022592.html\">google translated<\/a>:<\/p>\n<blockquote><p>According to the &#8220;Notice of the Customs Tariff Commission of the State Council on Adding Tariffs to Certain Imported Goods Originating in the United States (Second Batch)&#8221; (Announcement of the Taxation Committee [2018] No. 6), the relevant implementation matters are hereby announced as follows:<\/p><\/blockquote>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<blockquote><p>&nbsp;<\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>China Retaliates: Beijing To Levy $60BN In Tariffs On US Goods Effective Sept 24 Just as Donald Trump was further threats aimed at Beijing after he launched another $200BN in tariffs targeting Chinese imports, and warning that &#8220;there will be great and fast economic retaliation against China if our farmers, ranchers and\/or industrial workers are [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[2045,130,7844,9937,805,3222,827],"class_list":["post-37934","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-beijing","tag-china","tag-donald-trump","tag-tariffs","tag-trade","tag-trade-war","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/37934","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37934"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/37934\/revisions"}],"predecessor-version":[{"id":37935,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/37934\/revisions\/37935"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}