China Hikes Tariffs on Most US Goods in $60 Billion Target List

BEIJING (Reuters) – China said on Monday it will adjust tariffs on a revised target list of $60 billion worth of U.S. imports, with additional rates of 20% to 25% in retaliation for a U.S. tariff hike on $200 billion worth of Chinese goods.

A total of 5,140 U.S. products will be subject to various tariff rates starting June 1, the finance ministry said in a statement.

An additional tariff of 25% will be levied against 2,493 goods including liquefied natural gas, the ministry said, and an additional tariff of 20% will be imposed on 1,078 products.

Beijing previously set additional rates of 5% and 10% on 5,207 U.S. products worth $60 billion in September, and warned at the time that it would counter any higher tariffs imposed by Washington on Chinese products.

“China’s adjustment on additional tariffs is a response to U.S. unilateralism and protectionism,” the ministry said. “China hopes the U.S. will get back to the right track of bilateral trade and economic consultations and meet with China halfway.”

The United States on Friday activated a new 25% duty on more than 5,700 categories of products from China, even as top Chinese and U.S. negotiators resumed trade talks in Washington.

U.S. President Donald Trump had ordered the new tariffs, saying China “broke the deal” by reneging on earlier commitments made during months of negotiations. China has denied the allegations.

(Reporting by Lee Chyen Yee in Singapore and Meg Shen in Hong Kong; writing by Se Young Lee; editing by Darren Schuettler)

First published by Reuters

 

The 21st Century

Comments

avatar