Home / Business / China to impose tariffs on $60 billion of US goods

China to impose tariffs on $60 billion of US goods

NEW DELHI: China on Monday said it will impose tariffs on $60 billion worth of US goods from June 1, after Washington announced plans to tax almost all Chinese imports to the United States.

Beijing will impose tariffs ranging from 5 per cent to 25 per cent on a number of American goods, according to a statement by the Tariff Policy Commission of the State Council — China’s cabinet.

China’s finance ministry said that it will impose tariffs on a total of 5,140 US products.

China ‘won’t surrender’ to pressure in US trade war

After the latest round of trade negotiations ended on Friday without a deal, China on Monday warned that it will “never surrender to external pressure”, referring to the US increasing tariffs on $200 billion worth of Chinese goods to 25% and will impose new duties on another $300 billion. China has said that it will hit back with “necessary countermeasures”.

The latest round of trade negotiations between the world’s top two economies ended on Friday without a deal, with US President Donald Trump increasing tariffs on $200 billion worth of Chinese goods to 25 per cent and ordering the start of a process to impose new duties on another $300 billion worth of items.

The response was announced after Trump warned Beijing not to retaliate.

“China should not retaliate-will only get worse!” the US president wrote in a series of tweets on trade.

But Beijing also appeared to dig in. “China will never surrender to external pressure,” foreign ministry spokesman Geng Shuang said at a regular briefing on Monday.

Global markets remain on red alert over a trade war between the two superpowers that most observers have warned could shatter global economic growth, and hurt demand for commodities like oil.

News credit : Indiatimes