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.
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.
..There will be nobody left in China to do business with. Very bad for China, very good for USA! But China has take… https://t.co/BvkWXyiZGT
— Donald J. Trump (@realDonaldTrump) 1557744025000
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