China hikes tariffs on most U.S. goods in $60 billion target list

China hikes tariffs on most U.S. goods in $60 billion target list

Monday, May 13, 2019 6:14 pm

Chinese President Xi Jinping

China on Monday said it would adjust tariffs on a revised target list of 60 billion dollars worth of U.S. imports, the finance ministry said in a statement.

Also with additional rates of 20 per cent to 25 per cent in retaliation for a U.S. tariff hike on 200 billion dollars worth of Chinese goods.

A total of 5,140 products will be subject to various tariff rates starting June 1, the ministry said.

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

Beijing previously set additional rates of 5 per cent and 10 per cent on 5,207 U.S. products worth 60 billion dollars 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 U.S. on Friday activated a new 25 per cent 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. (Reuters/NAN)

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