Tariffs

If US implements tariffs, it will be on companies from all countries including China and the US, says Gao

Penalties will add 25% to cost of US steel, and 10% to aluminium

Move comes after its request for tariff exemption was ignored

US president has asked to target $200b worth of imports for a 10% levy

Says additional tariffs also expected if Beijing hits back with tit-for-tat duties

The tariffs will take effect in the coming days

The IMF has highlighted the trade tensions as a major downside risk to the otherwise solid global recovery

Reaction comes in response to Trump’s decision of restrictions on Chinese imports

Duties of 25 per cent on steel & 10 per cent on aluminum will be formally announced next week

Countries that have benefitted from free trade have first liberalised economy unilaterally

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