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Tit for tat: China imposes fresh tariffs on U.S. goods

Items include cars, aircraft, chemicals and soya beans

China’s Commerce Ministry on Wednesday listed 106 U.S. products, which will be subjected to a 25% tariff, in retaliation to Washington’s intent to impose fresh tariffs on Chinese products worth $50 billion. The items include soya beans, cars, chemicals and aircraft, triggering fears that the world’s top two economies maybe locking horns in a major and escalating trade war.

The Chinese move was announced soon after the U.S. listed nearly 1,300 Chinese products worth $50 billion for additional duties.

Analysts say the U.S. tariffs targeted Beijing’s cutting edge Made-in-China 2025 plan. The blueprint is meant to upgrade China’s overall industry, through Internet-based intelligent manufacturing, covering 10 key advanced sectors.

“The U.S. list suggests that the government is targeting the ‘Made in China 2025’ initiative, while China’s retaliation intends to bring Americans back to the negotiation table,” Bloomberg quoted Zhou Hao, an economist at Commerzbank AG in Singapore as saying.

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