China, U.S kick off new round of tariffs

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China, US flags

China and the United States began imposing additional tariffs on each other’s goods on Sunday, despite signs that talks would resume some time this month.

A new round of tariffs took effect from 0401 GMT, with Beijing’s levy of 5% on U.S. crude marking the first time the fuel has been targeted since the world’s two largest economies started their trade war more than a year ago.

The Trump administration will begin collecting 15% tariffs on more than $125 billion in Chinese imports, including smart speakers, Bluetooth headphones and many types of footwear.

In retaliation, China started to impose additional tariffs on some of the U.S. goods on a $75-billion target list.

The extra tariffs of 5% and 10% were levied on 1,717 items of a total of 5,078 products originating from the United States.

Beijing will start collecting additional tariffs on the rest from December 15.

Peace PIAK