China passes tariff law amid tensions with trading partners

Friday, April 26th 2024, 2:13:55 am
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BEIJING (Reuters) -China passed a law on Friday strengthening its trade defence capabilities as the United States and the European Union take aim at Beijing over excess industrial capacity. The Tariff Law, approved by China's top legislature after three rounds of deliberations going back to 2022, signals to China's biggest trade partners its ability to hit back should they impose tariffs on exports of the world's No.2 economy. It is the latest addition to Beijing's arsenal of trade defence instruments as it maintains an uneasy truce with Washington following a trade war that began while Donald Trump was U.S. president.
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