China slapped extra tariffs on 128 U.S. products

Vastavam web: China has slapped extra tariffs of up to 25 percent on 128 U.S. products including frozen pork, as well as on wine and certain fruits and nuts, in response to U.S. duties on imports of aluminum and steel, China’s finance ministry said.The tariffs, to take effect on Monday, was released late on Sunday and matches a list of potential tariffs on up to $3 billion in U.S. goods published by China on March 23.

China’s Ministry of Commerce (MOFCOM) said it was suspending its obligations to the World Trade Organization (WTO) to reduce tariffs on 120 U.S. goods, including fruit. The tariffs on those products will be raised by an extra 15 percent.China has imposed the additional tariffs amid escalating trade tensions between Beijing and Washington, sparking fears of a full-blown trade spat between the world’s two biggest economies.

U.S. President Donald Trump is preparing to impose tariffs of more than $50 billion on Chinese goods intended to punish Beijing over U.S. accusations that China systematically misappropriated American intellectual property – allegations Beijing denies.In a statement published on Monday morning, MOFCOM said the United States had “seriously violated” the principles of non-discrimination enshrined in World Trade Organization rules, and had also damaged China’s interests.