Chinese tariffs on U.S. goods take effect at start of July 6

China’s threatened tariffs on $34 billion of U.S. goods will take effect from the beginning of the day on July 6, a person with knowledge of the plan told Reuters, amid worsening trade tensions between the world’s two largest economies.

Washington has said it would implement tariffs on $34 billion of Chinese imports on July 6, and Beijing has vowed to retaliate in kind on the same day.

However, the 12-hour time difference puts Beijing ahead in terms of actually implementing the tariffs.

“Our measures are equal and being equal means that if the U.S. starts on July 6, we start on July 6,” the source told Reuters, who requested anonymity as they were not authorized to speak to media. “The implementation time for all policies starts at midnight.”

China’s customs agency did not answer a phone call seeking comment, and its commerce ministry did not reply to a fax requesting comment.

U.S. President Donald Trump has threatened to escalate the trade conflict with tariffs on as much as $400 billion in Chinese goods if Beijing retaliates against the U.S. tariffs set to take effect on Friday.

Chinese currency and stock markets have been jittery ahead of Friday’s tariff implementation.

source: Reuters

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