China retaliates against US tariffs with edible oil duty
September 20, 2018
The USA and China have once more traded blows in the ongoing trade war, with China retaliating against new US tariffs by imposing duties of its own on a number of US food products, including soyabean oil.
The new 25% and 20% Chinese tariffs were a response to new tariffs by the USA – set to come into effect on 24 September – that targeted another US$200bn worth of Chinese import, wrote Reuters on 19 September.
The 25% tariff list by Chona targeted a wide range of food products, including several edible oils, chicken, beef, lamb, mustard, sugar, milk powder, stuffed pasta and jams.
The 20% tariffs would hit unshelled peanuts, sausages, chocolates, chewing gum, sugar confectionary, honey and cherries, among others.
US soyabean oil exports to China – set to be impacted by 25% duty – generated US$23M in export sales in 2017.
US milk powder exports to China were worth US$67M, while chocolate and other cocoa products earned US$25M in 2017.
The US tariffs against which China retaliated would be set at 10% on 24 September and rise to 25% on 1 January 2019.