The US on Thursday fired its latest trade salvo at China, implementing 25% tariffs on another $16 billion worth of Chinese goods.
China immediately responded in kind with tariffs against an equivalent amount of US exports.
The latest tit-for-tat escalation was initiated Thursday afternoon in Asian trade, or 12:01 a.m. in Washington, when the US Customs and Border Protection confirmed on its website that new tariffs would take effect on 279 Chinese product categories.
China’s state-run news agencies said the Chinese tariffs went into effect at the same time, just after noon in Beijing, as scheduled, according to Reuters.
Chinese stocks have fluctuated Thursday and fell into negative territory after the lunch break before rallying.
The tariffs have taken effect at the same time as trade talks between the two sides remain ongoing in Washington.
The talks are considered to be mid-level in nature, which may lead to further dialogue later in the year. US President Donald Trump, however, said he wasn’t expecting much from this week’s negotiations.
In a statement Thursday, China’s Commerce Ministry said the latest tariffs were evidence that the US was “remaining obstinate.”
“China resolutely opposes this, and will continue to take necessary countermeasures,” the ministry said.
China also said it would file a complaint with the World Trade Organization.
Also this week, US authorities continue to assess whether they will impose tariffs on an additional $200 billion worth of Chinese goods.
If those tariffs are approved, more than half of all Chinese goods sent to the US will be subject to import taxes.
Some analysts have speculated that if the US maintains its hardline stance, China may consider other measures such as placing restrictions on US subsidiary companies operating in China.
