China retaliates with extra 15% tariffs on some US imports

China announced today, March 4, that it will impose additional customs tariffs of up to 15% on some US goods starting from March 10. In addition, it will restrict exports to 15 US companies, including General Dynamics Land Systems.

The new tariffs mainly include US agricultural commodities, including corn and soybeans, with new fees of 15% and 10%, respectively.

The retaliatory measures from China’s Ministry of Finance and Ministry of Commerce came just as additional US tariffs took effect on Chinese goods, marking an escalation of the trade war between the two largest economies in the world.

The White House confirmed that the additional customs duties of 10% on Chinese imports will enter into force today, bringing new tariffs in just one month to 20%.

The Chinese Ministry of Commerce said in a statement that Beijing strongly opposes the additional US tariffs on China, adding that this action will harm trade relations between the two countries.