China releases list of 106 US products to face 25% additional tariffs; list includes planes, trucks, chemicals, soybeans

In response to the US Trade Representative's (USTR) proposed list of products imported from China that could be subject to additional tariffs, Beijing on Wednesday announced that it will impose additional tariff of 25 percent on 106 US products, which includes soybeans, automobiles and chemicals.[caption id="attachment_4414845" align="alignleft" width="380"]

File image of US president Donald Trump and China's president Xi Jinping. Reuters[/caption]The US list includes over 1,300 items, including high-definition colour video monitors, electromagnets used in MRI machines, aerospace products, and machinery used to make processed textiles, printed products and food. On the other hand, China's list reportedly includes corn, a few agri products, electric vehicles, SUVs, trucks, aircraft, propane and assorted plastic products.The Chinese foreign ministry's spokesperson Lu Kang on Wednesday said, "I must stress again that the US side released the proposed tariff list in disregard of China's stern representations and on the basis of no facts. China strongly condemns and firmly opposes such a move which is typical of unilateralism and trade protectionism... What the US did severely violates the basic principles and spirit of the WTO. The Chinese side will immediately refer this wrong move by the US side to the WTO dispute settlement system."He added, "Meanwhile, in accordance with the relevant stipulations of the Foreign Trade Law of the People's Republic of China, we will take proportionate measures of the same intensity and scale on US products. These measures will be announced soon. We have the confidence and capability to counter any measure of trade protectionism taken by the United States."According to state broadcaster CCTV, the effective date for implementation of the new tariffs will be announced at a later time.With inputs from Reuters