Reuters reports:
China will impose punitive duties of up to 22 percent on large cars and SUVs exported from the United States, China's Commerce Ministry said on Wednesday, the latest in a series of trade disputes between the world's two largest economies.
The new duties take aim at vehicle exports valued near $4 billion and come at an awkward time for U.S.-China relations, with China's currency and trade policies becoming a focus of criticism for U.S. presidential candidates.
Vehicles affected by the new duties include the Cadillac Escalade made by General Motors Co, the Jeep Grand Cherokee from Fiat SpA affiliate Chrysler Group LLC and luxury SUVs from Daimler AG's Mercedes and BMW AG.
Chinese officials said the U.S.-built SUVs and luxury sedans were being dumped on the Chinese market and causing "substantial damage to China's domestic industry." Vehicle exports to China had already been subject to a 25 percent tariff and the new tariff will be in addition to that duty.
Read more: http://www.reuters.com/article/2011/12/14/us-china-us-trade-idUSTRE7BD1LJ20111214
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