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China imposes retaliatory duties on US goods

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China imposes retaliatory duties on US goods
August 24
09:00 2019

The message from the Ministry of Finance of the People’s Republic of China has shocked the world. It says about the duties levied on American goods, the total value of which is estimated at $ 75 billion. The agency indicated that that was a forced decision taken in response to the American actions.

The tariffs will be introduced in 2 stages. The first will begin in September. This means that 5% tariffs will be imposed on soybeans and American oil. Since December 15, 25% tariffs will be imposed on cars from the United States.

The Chinese government believes that the only foundation for starting normal relations is equality and respect for each other.

Recently, President Trump has announced that since September 1 he will introduce a 10% duty on the remaining imports from China in the amount of $ 300 billion. The Ministry of Commerce later said that it was planned to introduce duties on December 15.

Following China’s response to the introduction of duties, US stock indices began to decline. On Friday at 3 pm, they fell about 0.4%. Oil, which remained at the same level during the session, has decreased by 2%.

Yesterday, at 3 pm Moscow time, October contracts for Brent crude oil fell US dollars and were trading at $ 58.6 per barrel on the London stock exchange. By that time WTI futures on NYMEX had lost almost 1.5 US dollars, dropping to 53.9 US dollars.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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