Tariffs

China’s commerce ministry says that it was forced to retaliate

Stops it from recovering losses of Rs16b, bill collection charges and meter rent

London and Brussels have yet to agree what sort of trading relationship they will have after Britain leaves the EU

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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