China’s latest tariff retaliation, announced today, will hit some $60 billion in US exports, including hundreds of agricultural, mining, and manufactured products, threatening jobs and profits at companies around the United States.
Before the trade war starts in earnest, China bought about 17% of US agricultural exports and was a major market for other goods, from Maine lobster to Boeing aircraft. It has been the largest market for Apple iPhones since 2016. Since the escalation of tariffs, though, China has stopped buying soybeans and lobsters, and Apple warned it would miss its expected Christmas holiday sales figures because of trade tensions.
In addition to the 25% tariffs below, Beijing also added 20% tariffs on 1,078 US products, 10% tariffs on 974 US products, and 5% tariffs on 595 US products (all links in Chinese).
The list was translated from China’s ministry of finance press release using Google translate, and may be inexact in spots. Quartz also rearranged some items on the list to group them into categories, and they may not be in the order of their “harmonized tariff schedule” codes.
Post time: Oct-11-2019