A full-blown trade war between the United States and China is looking more and more likely as the U.S. gears up to unveil its final list of Chinese goods that will be subject to increased tariffs.
And Beijing is retaliating by levying tariffs on almost 130 U.S. goods, mostly food imports.
Kim Hyo-sun reports.
The U.S. is set to announce a final list of Chinese goods that will be subject to additional tariffs by Friday,... a move expected to intensify trade tensions between the world's two economic superpowers.
This comes as President Trump signed the China tariff proclamation last month,... as part of punishment against Beijing over its intellectual property rights violations.
The list, covering 60 billion dollars worth of annual imports, is expected to target over one hundred products, including home appliances.
China, for its part, has threatened to retaliate with its own trade sanctions.
Beijing's finance ministry said in a statement Sunday that it's increasing the tariff rates on 128 kinds of U.S. products, including pork and fruits,... and the new rates came into effect on Monday.
It's imposing 25 percent tariffs on eight kinds of U.S. imports including pork,... and a 15 percent tariff on 120 other goods including fruits.
The tariffs mirror Washington's 25 percent charge on imported steel and 15 percent hike on aluminum announced in March.
Such tariffs are seen to target America's so-called "farm belt voters" who helped to elect Trump,... as U.S. farmers who export wine, fruit and pork will be hurt the most by Beijing's move.
Kim Hyo-sun, Arirang News.