The country's tax agency gave no date for the 25% increase to take effect and said that will depend on what President Donald Trump does about United States plans to raise duties on a similar amount of Chinese goods.
Extra tariffs will also be slapped on products such as whisky, cigars and tobacco, some types of beef, lubricants, and propane and other plastic products, the finance ministry said in its statement.
China hit back quickly on Wednesday against the Trump administration's plans to impose tariffs on $50 billion in Chinese goods, retaliating with a list of similar duties on key USA imports including soybeans, planes, cars, beef and chemicals. The U.S.is allowing 60 days for public feedback and hasn't specified when the tariffs would take effect, leaving a window open for talks. "That is not viable", Chinese Vice Commerce Minister Wang Shouwen told media briefing here today when asked about Trump's demand. "Our action is restrained".
"T$3 hat war was lost many years ago by the foolish, or incompetent, people who represented the U.S. Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion".
While Washington targeted products that benefit from Chinese industrial policy, including its "Made in China 2025" initiative to replace advanced technology imports with domestic products in strategic industries such as advanced IT and robotics, Beijing's appears aimed at inflicting political damage. China is a crucial market for Boeing.
China announced a 25% tariff on $50 billion worth of United States goods, including aircraft, autos and soybeans.
"Business is business. We should analyse the challenge we face and the way we deal with it from the perspective of the economy", he said. Supporters and opponents began weighing in as soon as the list was released.
China's tariff list covers aircraft that would likely include older models such as Boeing Co's workhorse 737 narrowbody jet, but not newer models like the 737 MAX or its larger planes. "The Chinese side will resort to the WTO dispute settlement mechanism and take corresponding measures of equal scale and strength against US products in accordance with Chinese law".
Mounting trade tensions between the USA and China could hurt synchronized global growth and have implication for investors.
As for the scuffle with China, Kotok said he's hopeful that much of this is bluster from the Trump administration.
Dead body of youth 'kidnapped by militants' found in Hajin
According to a Kashmir Media Service report, search operations were conducted in Islamabad and Shopian districts of South Kashmir. The Indian police also raided the residence of APHC leader, Muhammad Yousuf Naqash, in Srinagar and harassed his family members.
Chinese factories assemble most of the world's smartphones, computers and consumer electronics. The agency said it chose products to minimize the impact on the USA economy and consumers. But that did little to mollify critics. In 2016, 62% of US soybean exports-representing 33 million tonnes-and 77% of USA sorghum exports went to China. The tariffs, he said, will lead to "better economic growth, more trading going on, improved wages on both sides".
The Alliance for American Manufacturing - a coalition made up of US steel manufacturers and the steelworkers union - was more encouraging.
Ontario Apple Growers general manager Kelly Ciceran says the 15 per cent tariff on fruit such as apples, cherries, peaches, raspberries and cranberries will likely lead to more USA produce hitting Canadian stores. "Otherwise, nothing will change and American jobs will continue to suffer at the hands of Beijing's practices".
GM previous year shipped almost 30,000 Envisions to the United States from China, where the vehicle is built in partnership with state-owned SAIC Motor Corp Ltd (600104.SS). Excluding services, where the USA enjoys a surplus, the trade deficit was $375 billion.
American and other foreign companies have long complained about Chinese rules that require automakers and others to work through local partners, compelling them to share technology with potential competitors.
Technology transfer between enterprises is voluntary based on mutual agreements without government intervention, he said. But similar promises in the past have gone unmet.
The tit-for-tat measures raise concerns of a full-blown trade war and the news of Chinese retaliation has already shaken markets.
"The market should be focused on it because it's (U.S. protectionist measures are) bad news", fund manager Ashmore's head of research, Jan Dehn, said. "We hope that China and the United States can negotiate together to avoid a trade war", said the carrier's Chief Executive Ma Xulun.