Expectedly, China responded to President Trump's controversial trade rates.
China's Department of Commerce has proposed 128 US products to be taxed. China imports goods worth more than $3 billion, which include pork, wine, fruit and steel. What is being said among the politicians in the trade ministry is to impose a 25% duty on meat imports and to import the fruit by 15%.
Despite Beijing's insistence, the Commerce Department is convinced that negotiations need to be made before any tariffs are imposed. If a trade agreement is not reached, the Chinese authorities have threatened to take legal action under WTO rules.
Source: Bloomberg Terminal
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