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.

 

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