China imposes tariffs on US imports: China has retaliated with new tariffs on American products as US President Donald Trump's levies on the Chinese President came into effect on Tuesday. Beijing will impose a 10-15% tariff on certain U.S. imports starting March 10, the Chinese Ministry of Finance said. The latest Chinese tariffs will cover several American agricultural and food products.
China reacts to Trump's tariffs
The move followed Trump's doubling down on the duties on Chinese products to 20 per cent. The finance ministry said, "Beijing will impose an additional 15 per cent tariff on US chicken, wheat, corn, and cotton and an extra 10 per cent levy on US soybeans, sorghum, pork, beef, aquatic products, fruits and vegetables, and dairy imports from March 10."
Also on Tuesday, Beijing placed 10 more US firms on its unreliable entity list, which would bar them from engaging in China-related import or export activities and from making new investments in the country.
Which US companies feature in China's unreliable entity list?
The firms include defense companies such as Lockheed Martin Missiles and Fire Control, Lockheed Martin Aeronautics and Lockheed Martin Missile System Integration Lab.
Senior executives of these companies will also be banned from entering China and work permits, and Chinese visitor and residency permissions also will be revoked, the Commerce Ministry said.
Separately, China added 15 US companies to its export control list, including aerospace and defense companies like General Dynamics Land Systems and General Atomics Aeronautical Systems, among others.
Chinese parliament's annual session begins today
Trump's tariff on China are believed to be aimed at containig Beijing. The issue is also expected to dominate the annual session of the Chinese parliament beginning in Beijing on Tuesday. The session, with over 5,000 delegates from the National People's Congress (NPC) and the advisory body, the Chinese People's Political Consultative Conference (CPPCC), will meet to begin their about two week-long sessions to deliberate on a host of agenda and legislations finalised by the ruling Communist Party China (CPC) to steer the country for this year.
The NPC, which is called the rubber stamp legislature for its routine endorsement of the policies of the CPC, is the main policy body, while the national advisory body - the CPPCC - comprising representatives from various walks of Chinese society deliberate and forward recommendations to improve the governance.
Agenda of the Chinese parliament's annual session
The NPC will open its session on Wednesday with the submission of the work report and the budget by Premier Li Qiang outlining China’s achievement last year, including the accomplishment of the official target of five per cent of GDP, amid the slump of the property market causing billions of dollars of losses and expanding the dormant domestic demand.
(With inputs from AP)
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