Â
>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<
Â
Â
China's top legislature on Friday passed the Tariff Law after three rounds of deliberations going back to 2022, allowing the country to hit back should trading partners put tariffs on the country's exports.
The law, effective from Dec. 1, outlines a range of legal provisions related to tariffs on Chinese imports and exports, from what constitutes tax incentives to China's right to hit back at countries that renege on trade agreements.