Markets
Trade War: China to Increase Tariffs on $60bn Worth of U.S. Goods
- Trade War: China to Increase Tariffs on $60bn Worth of U.S. Goods
The Chinese government has announced its retaliatory tariffs following Donald Trump decision to impose additional import duties on $200 billion worth of Chinese imports.
China on Monday announced it will increase tariffs imposed on $60 billion worth of U.S goods.
According to the Ministry of Finance, the tariffs will take effect on June 1.
Last week, President Trump said the U.S will up its tariffs on Chinese import if China retaliates, saying 25 percent additional tariff would be imposed on all the remaining Chinese imports to the U.S.
The US is set to release a plan to levy a 25% additional tariff on all remaining imports from China on Monday.
While the Trump is expected to announce additional tariffs later today, China’s retaliatory tariffs will be imposed at different levels: 25% tariffs on 2 493 items 20% tariffs on 1 078 items 10% tariffs on 974 items 5% tariffs to continue on 595 items.