China to impose tariffs on additional $60 bln of US imports

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China will impose additional tariffs on US imports in retaliation against new US tariffs on Chinese goods, according to an official statement released by the Finance Ministry on Tuesday.

Approved by the State Council, the Customs Tariff Commission of the State Council has decided to impose additional duties of either five or 10 percent on 60 billion US dollars' worth of US products.

The new tariffs will be applied to 5,207 US products ranging from farm products, liquefied natural gas (LNG) and machinery to chemicals.

The additional duties will take effect at 12:01 a.m. on Sept. 24, 2018.

The Trump administration announced on Monday it will proceed with 10 percent tariffs on 200 billion US dollars of Chinese goods. China responded saying it has to fight back to safeguard its legitimate rights and interests as well as the global free trade order.

China's proposed tariffs, which were pledged when the US first announced its tariff plan on 200 billion US dollars of Chinese imports, are a lower volume than the original plan.

The tariff rates will be levied at five and 10 percent, instead of the previously proposed rates of five, 10, 20 and 25 percent, according to the statement.

China will impose a 10 percent tariff on US products it previously designated for a rate of 20 and 25 percent. Liquefied natural gas (LNG), for example, was previously under the 25 percent tariff category but now will be subject to a tariff of 10 percent.