China hitting back at U.S. with import tariffs
Chinese officials plan to hit back at the U.S. in retaliation for Section 201 tariffs by imposing their own tariffs on nine steel products. Sources report the Chinese have also warned the U.S. they may tax imports of soy oil out of the United States by up to 24 percent, as well.
Initially,
China assumed it would receive across-the-board exemptions on its steel imports into the U.S. under ’developing country' status. While Chinese officials told the media that the decision to impose their own duties of seven to 26 percent has more to do with protecting their domestic steel firms, most sources concur that the Chinese were miffed and surprised at the U.S. decision. Officials in
China indicate they expect a flood of foreign steel in the aftermath of the Section 201 ruling and that this is why they decided on imposing tariffs.