(UTV|COLOMBO) – The US has imposed fresh tariffs on $112bn (£92bn) of Chinese imported goods such as shoes, nappies and food.
The new tariffs are a sharp escalation in the bruising trade war, and could cost households $800 a year.
The move is the first phase of US President Donald Trump’s latest plan to place 15% duties on $300bn of Chinese imports by the end of the year.
In response, Beijing introduced 5% tariffs on US crude oil, the first time fuel has been targeted.
If fully imposed, Mr Trump’s programme would mean that nearly all Chinese imports – worth about $550bn – would be subject to punitive tariffs.
What was initially a dispute over China’s allegedly unfair trade practices is increasingly seen as a geopolitical power struggle between the world’s two largest economies. (BBC)
[alert color=”faebcc” icon=”fa-commenting”]Keeping up to date with breaking news while you are on the move is now simple with UTV Alerts [textmarker color=”8a6d3b”]Type REG UTV and send to 77000[/textmarker] on your Dialog, Airtel, or Hutch mobile connection[/alert]