Beijing: China on Monday announced that it will impose tariffs on $60 billion of US goods from June 1 in retaliation for Washington’s decision to hike duties on Chinese goods. Beijing will increase the tariffs to 25 per cent from 10 per cent and the duties will apply to 5,140 US products, the Chinese Finance Ministry was cited as saying by CNBC.
The move follows US President Donald Trump’s decision to raise duties on $200 billion of Chinese products from 10 per cent to 25 per cent as the world’s two largest economies failed to produce a breakthrough after months of trade talks. The latest escalation came shortly after Trump tweeted a warning to China not to retaliate against the extra tariffs he imposed last week.
