China to implement tariffs on American goods worth USD 60 billion on September 24

Beginning with September 24, China will charge tariffs on American products worth USD 60 billion as a retaliatory move caused by new American tariffs, the Chinese Finance Ministry announced today.

Beijing will impose levies on U.S. products at 5 and 10%, instead of previously proposed rates of 5, 10, 20 and 25%, Reuters reports.

Where it planned to implement rates of 20 and 25%, China will now implement rates of 10%. One example is liquefied natural gas, where the rate of 10% will be implemented instead of the previously announced 25%.

The tariffs come into force on September 24, the same date the rates of 10% on USD 200 billion worth of Chinese goods come into effect.