Beijing, May 13
China on Monday said it would raise tariffs on $60 billion of US goods from June 1, a tit-for-tat response to Washington increasing levies on Chinese products last week.
China’s Ministry of Finance said the additional tariffs will range from 5 per cent to 25 per cent on 5,140 products.
“On May 9, 2019, the US government announced that since May 10, 2019, tariffs on the $200 billion lists of goods imported from China have increased from 10 per cent to 25 per cent,” a statement by the Ministry said in Chinese.
“The above measures by the US have led to an escalation of the Sino-US economic and trade frictions, contrary to the consensus between China and the US on resolving trade differences through consultations, jeopardising the interests of both sides and not meeting the general expectations of the international community.
“The State Council Tariff Commission decided that on June 1, 2019, the part originating in the US imported goods will increase the tariff rate,” it said.
This was much expected after the US on Friday activated a raise of 25 per cent in tariffs on the Chinese goods worth $200 billion, a move that escalated over a 10-month trade war. — IANS
from The Tribune http://bit.ly/2VAARSl
via Today’s News Headlines
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