Beijing: China had reportedly imposed additional tax on 106 American products. The trade war intensifies between both countries. China has released the list of 106 American products on which additional taxes will be levied. The action came as a response on Donald Trump’s action of levies on more than 1300 Chinese products. The action of Trump will impact China’s industrial robots, electronics products, metal alloys, aircraft spare parts, exhausted uranium, poultry incubators, medical vaccines, haymaking machines, dishwashing machines, guns and ammunition.
Impacts of Tax Levied
According to Chinese sources, the date of implementation of new taxes on these products will be announced later. The list of products affected by additional taxes includes soya bean, tobacco, automobiles, chemical products, airplanes, and other miscellaneous products. The report also depicts that American products will be affected by $50 billion due to additional taxed implied by China.
American soya beans will be most affected for the US economy due to Chinese tariff threats. Agricultural products are among the most shipped products to China. Farming states backed by Trump would be hard hit by the Chinese action. Last year, top exports from USA to China include civilian aircraft, engines and spare parts, worth $16.3bn, followed by soybeans worth $12.4bn. The top imports include products such as mobile phones worth $70.4bn and computers worth $45.5bn.