China adds tariffs on $60bn of US goods

China announced on Monday it was raising tariffs on $60bn of US goods in retaliation for the latest hike in US tariffs on its exports. The Finance Ministry in Beijing said the new penalty duties of 5% to 25% on hundreds of US products including batteries, spinach and coffee will take effect on 1 June.

The move followed Trump’s increase on Friday of duties on $200bn of Chinese imports from 10% to 25% after charging that China had backtracked on commitments it made in earlier negotiations in a dispute over Beijing’s technology ambitions and perennial trade surplus.

Resuming his messages over Twitter early Monday, President Donald Trump warned Chinese President Xi Jinping that China “will be hurt very badly” if it doesn’t agree to a trade deal. He insisted the US tariffs on Chinese goods don’t hurt American consumers. But White House economic adviser Larry Kudlow told Fox News on Sunday that both sides will pay.

 

Similar articles

  • US-China trade negotiation ends without deal

    US-China trade negotiation ends without deal

    Trump ordered a further escalation of tariffs

    China and the United States have agreed to hold more trade talks in Beijing, Vice Premier Liu He said, as US President Donald Trump ordered his trade chief to begin the process of imposing tariffs on all remaining imports from China. Liu voiced a measured optimism on reaching a deal, but said there were “issues of principle” on which China would not back down. The United States escalated a tariff war with China on Friday by hiking levies on $200 billion worth of Chinese goods in the midst of last-ditch talks to rescue a trade deal. Trump issued orders for the tariff increase, saying China “broke the deal” by reneging on earlier commitments made during months of negotiations.

    17
  • Crucial week for the US-China trade war

    Crucial week for the US-China trade war

    Washington have accused Beijing of reneging on substantial commitments made during months of negotiations

    Chinese Vice Premier Liu He will travel to Washington for two days of trade talks this week, China said on Tuesday, setting up a last-ditch bid for a deal that would avoid a sharp increase in tariffs on Chinese goods ordered by US President Donald Trump. US officials have accused China of reneging in the past week on substantial commitments made during months of negotiations aimed at ending their trade war, prompting Trump to issue a new deadline to raise tariffs on $200 billion worth of Chinese goods to 25% from 10%.

    21