China hikes tariffs on U.S. goods after Trump warning




  • In Business
  • 2019-05-13 14:40:52Z
  • By By Se Young Lee and Lusha Zhang
Shipping containers are seen at a port in Shanghai
Shipping containers are seen at a port in Shanghai  

By Se Young Lee and Lusha Zhang

BEIJING (Reuters) - China said on Monday it would impose higher tariffs on most U.S. imports on a revised $60 billion target list, hitting back at a tariff hike by Washington on $200 billion of Chinese goods in a further escalation of a bitter trade war.

The retaliation comes as U.S. President Donald Trump signals his intent to slap tariffs on all Chinese imports if Beijing does not give in, suggesting a prolonged standoff between the world's two largest economies that could roil global markets for weeks or months to come.

A total of 5,140 U.S. products will be subject to additional tariffs of 5%, 10%, 20% and 25% starting June 1, the finance ministry in Beijing said in a statement.

The escalation, from rates of 5% and 10%, was announced hours after Trump warned China not to retaliate against the latest U.S. tariffs hike.

The additional tariff of 25% will be levied against 2,493 goods including liquefied natural gas, soy oil, peanut oil, petrochemicals, frozen vegetables and cosmetics, the ministry said, and of 20% on 1,078 products.

Beijing had set additional rates of 5% and 10% on 5,207 U.S. products worth $60 billion in September, in response to the U.S.'s initial 10% duty on the $200 billion worth of Chinese goods, and warned at the time that it would counter any higher tariffs imposed by Washington.

"China's adjustment on additional tariffs is a response to U.S. unilateralism and protectionism," the ministry said. "China hopes the U.S. 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 U.S. negotiators resumed trade talks in Washington.

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.

Trump last week also ordered U.S. Trade Representative Robert Lighthizer to begin imposing tariffs on all remaining Chinese imports, which would affect an additional $300 billion worth of goods.

China's revised target list on Monday still left out products such as crude oil and large aircraft. The finance ministry said in a separate statement that firms can seek remedies from the additional tariffs by applying for waivers.



(Reporting by Lee Chyen Yee in Singapore and Meg Shen in Hong Kong, Beijing Newsroom and Shanghai Newsroom; editing by Darren Schuettler and John Stonestreet)

COMMENTS

More Related News

AP sources: Former CIA chief Brennan to brief Dems on Iran
AP sources: Former CIA chief Brennan to brief Dems on Iran

WASHINGTON (AP) - House Democrats will hear from former CIA Director John Brennan about the situation in Iran, inviting him to speak next week amid heightened concerns over the Trump administration's sudden moves in the region.

Trump says
Trump says 'Pro-Life' but favors exceptions for rape, incest

President Donald Trump has declared himself "strongly Pro-Life", days after two US states passed tough new restrictions on abortions, but said exceptions should be made for pregnancies resulting from rape or incest. The US president spelled out his position on abortion -- set to feature prominently

GOP congressman: 'President Trump has engaged in impeachable conduct'
GOP congressman: 'President Trump has engaged in impeachable conduct'

GOP Rep. Justin Amash came out in favor of impeaching President Donald Trump, writing that "President Trump has engaged in impeachable conduct."

Trump administration prepares to release Central American migrants 'across the entire nation'
Trump administration prepares to release Central American migrants 'across the entire nation'

With more than 4,500 people being caught each day crossing the U.S.-Mexico border, the agency has run out of room in the four border states.

Trump plan would shift immigration focus to
Trump plan would shift immigration focus to 'merit'

WASHINGTON (AP) - Unveiling a new immigration plan, President Donald Trump said Thursday he wanted to provide a sharp contrast with Democrats, and he did - aiming to upend decades of family-based immigration policy with a new approach that favors younger, "totally brilliant," high-skilled workers he says won't compete for American jobs.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business

facebook
Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.