Beijing is striking back against Washington’s latest escalation of the trade war by imposing a 5pc tarif on US crude imports. The tax on crude - exempted in previous retaliatory tarifs - is part of a package of duties on $75bn/yr of US goods. The tarif will take efect on 1 September, the same day the US plans to implement a 10pc tarif on an additional $133bn/yr in imports from China. A further $165bn/yr of Chinese imports will be subject to 10pc tarifs from 15 December, meaning all US imports from China will be afected. Beijing’s tarifs will encompass nearly all of the $130bn/yr of goods that it imports from the US.
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