China sets retaliatory tariffs on $60bn in US goods

Trump threatened to hit another $267-billion in Chinese goods if Beijing took retaliatory action. (Bobby Yip/Reuters)

Trump threatened to hit another $267-billion in Chinese goods if Beijing took retaliatory action. (Bobby Yip/Reuters)

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

.
.

Client Media Releases

ITWeb Cloud Summit 2019: call for papers is open
UKZN architecture students win at PG Bison competition
NHBRC trains the disabled in OHS skills
ContinuitySA celebrates a decade in Mozambique
MTN brings back Mahala Calls for prepaid subscribers