China hikes tariffs on most US goods

China hikes tariffs on most US goods

A total of 5,140 US products will be subject to various tariff rates starting June 1, the finance ministry said in a statement.

The YM Bamboo, a container ship operated by the China Ocean Shipping Company (COSCO) is docked at the Port of Oakland in Oakland, California.(Reuters pic)
BEIJING:
China said on Monday it will adjust tariffs on a revised target list of US$60 billion worth of US imports, with additional rates of 20% to 25% in retaliation for a US tariff hike on US$200 billion worth of Chinese goods.

A total of 5,140 US products will be subject to various tariff rates starting June 1, the finance ministry said in a statement.

An additional tariff of 25% will be levied against 2,493 goods including liquefied natural gas, the ministry said, and an additional tariff of 20% will be imposed on 1,078 products.

Beijing previously set additional rates of 5% and 10% on 5,207 US products worth US$60 billion in September, and warned at the time that it would counter any higher tariffs imposed by Washington on Chinese products.

“China’s adjustment on additional tariffs is a response to US unilateralism and protectionism,” the ministry said. “China hopes the US will get back to the right track of bilateral trade and economic consultations and meet with China halfway.”

The United States on Friday activated a new 25% duty on more than 5,700 categories of products from China, even as top Chinese and US negotiators resumed trade talks in Washington.

US President Donald Trump had ordered the new tariffs, saying China “broke the deal” by reneging on earlier commitments made during months of negotiations. China has denied the allegations.

Stay current - Follow FMT on WhatsApp, Google news and Telegram

Subscribe to our newsletter and get news delivered to your mailbox.