China will apply 5-10% tariffs on $60 billion of US goods in retaliation for the Trump administration’s decision to slap levies on a list of $200 billion worth of Chinese products earlier this week, Reuters reports.
“China is forced to respond to US unilateralism and trade protectionism, and has no choice but to respond with its own tariffs,” said the country’s Finance Ministry.
The tariff rates have been reduced from those previously proposed of up to 25%. The list will include over 5,000 US products including valuable exports such as liquefied natural gas. As with the latest US tariff package, the measures will come into force on September 24th.
In response, President Trump said that he believes his aggressive approach towards forcing China to change its trade practices is having a “tremendous impact,” but the US is still open for discussions.
“China wants to come over and talk. And we are always open to talking. But we have to do something,” said Trump.