It’s formal. The new US tariffs on Chinese imports take effect. Tariffs on USD 200B in Chinese goods are increased from 10% to 25%. Top 10 items affected include telecommunication equipment, computer circuit boards, processing units, metal furniture, computer parts, wooden furniture, static converters, vinyl tile floor coverings, seats with wooden frame and car parts. Paper work for taxing another USD 325B in Chinese goods has also started earlier this week.
In a brief statement China Ministry of Commerce said the country “deeply regrets” US decision. And, MOFCOM said China “will have to take necessary countermeasures”, without elaboration. But it “hoped that the US and the Chinese side will work together and work together to resolve existing problems through cooperation and consultation.”
