logo
Plus   Neg
Share
Email

China Raises Tariffs On $60 Billion Worth Of U.S. Goods

china-tariffhike-051319-lt.jpg

Shrugging off a warning from U.S. President Donald Trump, China has announced plans to raise tariffs on $60 billion worth of U.S. goods.

The move by China comes in retaliation to Trump's recent decision to raise tariffs on approximately $200 billion worth of Chinese goods to 25 percent from 10 percent.

China said increased tariffs on a total of 5,140 U.S. products would take effect June 1st, with the tariffs ranging from 5 percent to 25 percent.

Beijing is following through on its pledge to take "necessary countermeasures" in response to the U.S. tariff increase even though Trump warned the situation "will only get worse" if China retaliates.

Trump has sought to continue to pressure China to reach a trade agreement in a series of posts to Twitter, telling the communist country the deal will become "far worse for them if it has to be negotiated in my second term."

"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," Trump tweeted. "You had a great deal, almost completed, & you backed out!"

Trump has previously threatened to raise tariffs on essentially all remaining imports from China, which are valued at approximately $300 billion.

For comments and feedback contact: editorial@rttnews.com

Forex News

Follow RTT