China planning U.S. import tax

China plans tariffs on some U.S. imports to offset loss on steel and aluminum products, the Ministry of Commerce claims on Friday.

According to the ministry, these proposed tariffs involve 128 products China imports from the United States, with a value of $3 billion.

Among the figure, 120 products worth a total of $977 million and including fresh fruits, nuts, wine and seamless steel pipes, will be levied a 15 percent tariff, while a 25 percent tariff will be imposed on eight other products with a worth of $1.992 billion, including pork, pork products and recycling aluminium.

U.S. President Trump's signed a memorandum on Thursday authorizing punitive annual tariffs of up to $60 billion on Chinese exports under a Section 301 case on Chinese intellectual property policies and practices.

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