China sets retaliatory tariffs on $60bn in US goods
China on Tuesday announced tariffs on United States goods worth $60-billion in retaliation against President Donald Trump’s decision to slap duties on $200-billion in Chinese products next week.
Tariffs of between five and 10 percent will take effect on some 5 200 US products on Monday, on the same day as the new US duties, the finance ministry said.
The two side already traded tariff salvos on $50-billion in goods from each country in the summer.
“If the United States insists on raising tariffs even more, China will respond accordingly,” the finance ministry said in a statement.
China had previously warned that it would target $60-billion in US goods if Trump made good on his threat to impose the new tariffs.
The lower Chinese figure highlights Beijing’s inability to match the US dollar-for-dollar in a tariffs war.
The US imported around $500-billion worth of products from China last year, compared to $130-billion in US goods imported by the Asian country.
Trump threatened to hit another $267-billion in Chinese goods if Beijing took retaliatory action.
© Agence France-Presse.