Barack Obama taxes Chinese tyres
The USA has just imposed custom duties on tyres for passenger vehicles and light trucks imported from China. The new 35% tax was instated on Sept 26th and will be added to a 4% tax that has already been voted in.
This means that over a period of 3 years, these duties will amount to 35% the first year, 30% the second and 25% the third. Chinese Minister of Commerce Chen Deming's reaction wasn't surprising as he feels that this initiative spells “a dangerous protectionist signal that may fuel reactions which could hamper global recovery”.
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