US-China trade war rumbles on with increased additional tariffs on US goods

The US-China trade war shows no signs of letting up any time soon. Over 1,000 US agricultural and related products have become subjected to higher tariffs since April 2018. The tit-for-tat measures continued when, on August 23rd, 2019, the China’s Ministry of Finance, State Council Tariff Commission announced new tariffs on certain US goods, worth US$75 billion USD. The announcement includes two lists: List 1 to be implemented on September 1, 2019 and List 2 to be implemented on December 15, 2019. Additional tariffs of 10% or 5% are applied to the harmonised schedule tariff lines on each list. Many of these items were already subject to earlier tariff increases by China. The increased tariffs will be calculated in aggregate with earlier additional tariffs.