China mulls $3B tariffs on US imports

China is considering higher tariffs on some US imports with a value of $3 billion to offset losses on steel and aluminum products. 

The Ministry of Commerce released a list of the 128 targeted products and is soliciting public opinion. 

The measures will include a 15% tariff on products including fruits, nuts, wines and seamless steel tubes, and a 25% tariff on pork and recycled aluminum products. 

The measures will be implemented in two stages. In the first stage, the 15% tariff will be imposed if the two countries could not reach an agreement on trade issues within a scheduled time; in the second stage, the 25% import tax will be imposed after the impact caused by the US policies is evaluated, the ministry said.

Customers shop for pork imported from U.S. at a supermarket in Zhengzhou city, central Chinas Henan province, 22 March 2014. [File Photo: IC]

On March 8th, US President Donald Trump formally signed proclamations to impose steep tariffs on imported steel and aluminum amid mounting dissent from business groups and trading partners around the world. Trump later said Canada and Mexico were exempt from the measures.

The country is imposing 25% tariffs on steel and 10% tariffs on aluminum, citing national security concerns. The measures go into effect on Friday, March 23. 

US trade representative Robert Lighthizer says President Trump has agreed to temporarily lift the tariffs for a list of countries that include Australia and South Korea, according to a Bloomberg report.