The U.S has imposed new tariffs on 6 000 Chinese goods, making it the biggest round of U.S tariffs so far.
U.S President, Donald Trump, has said that this is in response to China’s unfair trade practice. According to Trump the trade practises include subsidies imposed by China on foreign companies trading in China, which requires the companies to include local partners when they operate in China.
The China Stock market opened today at a low because of the news by the U.S government. The tariffs are set to start on the 24th of September 2018 and increase by 25% from the beginning of 2019.
“We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly” said the US President during the announcement of the tariffs.
China has promised to retaliate against the U.S if there were any further tariffs imposed.