In early August, the Office of the United States Trade Representative issued a list of approximately $16 billion worth of Chinese goods to be subject to an additional 25 percent tariff in response to what Washington described as Beijing’s unfair trade practices related to the forced transfer of US technology and intellectual property. Starting from 04:01 GMT on Thursday, US Customs and Border Protection started collecting the extra duties on the Chinese imports. China responded to the US actions with its own list of tariffs covering $16 billion of US imports. The list of Chinese goods contains 279 commodities, ranging from lubricating oils to railway cars and steam turbines. READ MORE: China Pulls Video Mocking Trump’s Economic Policies Ahead of Fresh Trade Talks China’s levies target the same value of US goods, including propane, butane, naphtha, jet fuel and coal. New Prospects For Russia © REUTERS / Lucas Jackson/FilesUS-China Trade War to Weaken Global Economic Growth in 2019 – Moody’sThe 25 percent duty on raw materials was actually restrictive, since China would likely stop directly importing US petroleum products, as well as liquefied gas and coal, Dmitry Marinchenko, oil and gas director at Fitch Ratings, told Sputnik. Deputy Director of the corporate ratings group at the Analytical Credit Rating Agency (ACRA) Vasily Tanurkov noted that China had always tried to diversify suppliers of oil and petroleum products. READ MORE: US-China Trade War Opens… Read full this story
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