China and the United States have begun imposing additional tariffs on each other’s goods in the latest escalation of their bruising trade war that has sent shockwaves through the global economy.
A new round of tariffs took effect from 0401 GMT on Sunday, with Beijing’s levy of 5% on US crude oil marking the first time the fuel has been targeted since the world’s two largest economies started their trade war more than a year ago.
The Trump administration will begin collecting 15% tariffs on more than $125bn in Chinese imports, including smart speakers, Bluetooth headphones and many types of footwear.
In retaliation, China started to impose additional tariffs on some of the US goods on a $75bn target list. Beijing did not specify the value of the goods that face higher tariffs from Sunday. » | Martin Farrer | Sunday, September 1, 2019
