China to Add Extra Tariffs on U.S. Products Starting March 10
Hey there! Have you ever traded snacks with a friend, and sometimes they ask for more in return? Something similar is happening between China and the United States.
The Chinese mainland announced that it will add extra tariffs of 10% to 15% on some products imported from the U.S., starting March 10. This was announced by the Chinese Finance Ministry on Tuesday.
What are tariffs? 🤔
Tariffs are like taxes that countries put on products they import from other countries. Imagine if you had to pay a little extra to buy candy from another neighborhood!
Why add tariffs?
Countries sometimes add tariffs to protect their own businesses or to respond to actions by other countries. It’s a bit like when friends try to balance things out when trading toys or cards.
What does this mean?
This means that certain products from the U.S. will cost more for people and businesses in the Chinese mainland to buy. It’s part of the ongoing trade discussions between the two countries.
Stay tuned to see how this affects the global marketplace! 🌍
Reference(s):
China to impose extra tariffs of 10-15% on various U.S. products
cgtn.com
