China said Monday it will impose tariffs on US$60 billion worth of US goods from June 1, in apparent retaliation after Washington announced plans to tax almost all Chinese imports.
Beijing will hit a number of American imports with tariffs ranging from 5 percent to 25 percent, according to a statement by the Tariff Policy Commission of the State Council — China’s cabinet.
The announcement came after the latest round of trade negotiations to resolve disputes between the world’s top two economies ended Friday without a deal.
US President Donald Trump has increased tariffs on $200 billion worth of Chinese goods to 25 percent and ordered the start of a process to impose new duties on another $300 billion worth of items.
The response was announced after Trump on Monday warned Beijing not to retaliate.
“China should not retaliate-will only get worse!” the US president wrote in a series of tweets on trade.
I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China. You had a great deal, almost completed, & you backed out!
— Donald J. Trump (@realDonaldTrump) May 13, 2019
But Beijing also appeared to dig in.
“China will never surrender to external pressure,” foreign ministry spokesman Geng Shuang said at a regular briefing 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.
The Hong Kong Free Press #PressForFreedom 2019 Funding Drive seeks to raise HK$1.2m to support our non-profit newsroom and dedicated team of multi-media, multi-lingual reporters. HKFP is backed by readers, run by journalists and is immune to political and commercial pressure. This year’s critical fundraiser will provide us with the essential funds to continue our work into next year.