Beijing, October 15: China on Monday announced it will impose anti-dumping tariffs of 123.4 per cent and 41.1 per cent on the import of hydroiodic acid from the US and Japan for the next five years.

China's Ministry of Commerce said in a statement that the tariffs will come into effect on Tuesday and have been imposed as a result of substantial losses incurred by the national industry in the sector, reports Efe news.

An initial probe - that began last October and concluded earlier this year in June - by China had found that American and Japanese companies were selling the chemical at a price lower than its costs, called dumping in trade lingo. India, China Must Work Together to Offset Impact of US' Approach on Trade: Chinese Embassy.

The decision to impose the tariff came after an additional probe, that began on June 16, had confirmed that the practice was harming China's domestic sector.

(The above story first appeared on LatestLY on Oct 15, 2018 12:54 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).