Retaliatory tariff hikes escalates trade war

The trade war between the US and China not going to ease in near future. After US tariff hike on Chinese goods, China also decided to impose additional tarriff on imports from America. According to China's Custom Tarriff Commission, a total of 5078 US products comes under the purview of additional tarriff of 10 per cent or five per cent.

A report from China says that the tarriff hikes will be implemented in two batches and take effect from September 1 and December 15 respectively. The US had announced on August 15 that it will impose additonal terriff of 10 per cent on Chinese goods worth about US $300 billion, effective September 1 and December 15 this year. In the meatime, USA has reportedly asked the country's business houses to shift production units from China.