China slaps tariffs on $60 billion in U.S. imports as trade war between Beijing and Washington escalates




 

WASHINGTON - China said Monday it will slap tariffs on more than 5,000 U.S. products in retaliation for President Donald Trump's decision to raise duties on Chinese goods amid trade talks between the world's two largest economies.

China's Ministry of Finance said the new tariffs would impact $60 billion in U.S. imports and would range from 5% to 25%. The tariffs will take effect June 1, which would give the two sides time to resume trade negotiations that broke off last week without reaching a new deal.

The tariffs will impact a wide range of U.S. products, including coffee, beef, salmon, flowers and some fruits and vegetables.

China said it was levying the tariffs because of Trump's decision to raise duties on Chinese products "contrary to the consensus between China and the United States on resolving trade differences through consultations." The U.S.'s actions are "jeopardizing the interests of both sides and not meeting the general expectations of the international community," China said.

Stocks tumbled following China's announcement.

The Dow Jones industrial average dropped 566 points, or 2.2%, to 25,372 in early trading, while the Standard & Poor's 500 index lost 67 points, or 2.3%, to 2,813. The tech-heavy Nasdaq, which has been the most vulnerable to trade tensions, plunged 243 points, or 3.1%, to 7,674 Monday morning.

More: How the trade war with China could hit you: Higher prices, lost jobs and falling stocks

The Chinese acted shortly after Trump warned them not to take any action and urged President Xi Jinping to sign a new trade deal.

"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," Trump tweeted.

"Too expensive to buy in China," he added. "You had a great deal, almost completed, & you backed out!"

Trade talks between the two countries stalled Friday without a new deal after Trump raised tariffs on $200 billion in Chinese goods to 25% from 10%, including office furniture, handbags and frozen catfish fillets, after trade talks between the two countries stalled.

Trump said in a tweet Sunday that China "broke the deal" and "tried to renegotiate."

The U.S. Trade Representative's Office also has started the process of levying tariffs on another $325 billion in Chinese goods, a move that would mean that virtually every Chinese import that enters the U.S. will be subject to a levy.

Contributing: Janna Herron

More: Trump says tariffs only hurt China, but top adviser Kudlow admits 'both sides will suffer'

This article originally appeared on USA TODAY: China slaps tariffs on $60 billion in U.S. imports as trade war between Beijing and Washington escalates

COMMENTS

More Related News

Trump renews attacks on Democratic congresswoman Omar
Trump renews attacks on Democratic congresswoman Omar
  • US
  • 2019-07-19 18:40:58Z

Somali-born U.S. congresswoman Ilhan Omar is "lucky to be where she is," President Donald Trump said on Friday, pressing on with attacks on four minority women Democratic U.S. representatives he has said should "go back" to where they came from. Trump on Thursday sought to distance himself from supporters' chants of "send her back" at a rally where he blasted Omar, as his fellow Republicans worried the sharp rhetoric might become a theme of his 2020 re-election campaign. "I'm unhappy when a congresswoman goes and says: 'I'm going to be the president's nightmare,'" Trump told reporter at the White House on Friday.

Iran claims US shot down its own drone by mistake
Iran claims US shot down its own drone by mistake
  • World
  • 2019-07-19 08:23:33Z

Iran denied on Friday denied lost a drone in the Strait of Hormuz after President Donald Trump said that a US Navy ship had "destroyed" an Iranian drone. Abbas Araqchi, Deputy Foreign Minister, said: "We have not lost any drone in the Strait of Hormuz nor anywhere else. I am worried that USS Boxer has shot down their own UAS [Unmanned Aerial System] by mistake!."  Brigadier General Abolfazl Shekarchi, an Iranian armed forces spokesman., added: Despite Trump's baseless and delusional claims, all of (Iran's) drones... have safely returned to their bases." "There have been no reports of a confrontation with the American USS Boxer" naval vessel, he added,...

The Latest: Trump claims he was
The Latest: Trump claims he was 'not happy' with chant

President Donald Trump says he "was not happy" when his supporters at a rally Wednesday night in North Carolina chanted "send her back" in reference to Democratic Rep. Ilhan Omar. Trump said this weekend that Omar and other progressive Democratic lawmakers of color should leave the country and "go back and help fix the totally broken and crime infested places from which they came" over their criticism of his administration.

President Trump says US Navy ship destroys Iranian drone in Strait of Hormuz
President Trump says US Navy ship destroys Iranian drone in Strait of Hormuz
  • World
  • 2019-07-18 20:52:00Z

"The Boxer took defense action against the drone which had closed into a very close distance, approximately a thousand yards, ignoring multiple calls to stand down and was threatening the safety of the ship and the ship's crew," Trump said at the White House. "This is the latest of many provocative and hostile actions by Iran against vessels operating in international waters," he continued.

Closer to War: U.S. Troops Aboard Amphibious Assault Ship Force Down Iranian Drone
Closer to War: U.S. Troops Aboard Amphibious Assault Ship Force Down Iranian Drone
  • World
  • 2019-07-18 20:42:00Z

U.S. troops aboard an amphibious assault ship on July 18, 2019 forced down an Iranian drone over the Strait of Hormuz, U.S. president Donald Trump announced.The downing comes just a few weeks after Iranian forces downed an American drone in the same area. The mutual shoot-downs could escalate the already tense situation in the Persian Gulf region.Trump said the unmanned aerial vehicle threatened USS Boxer.Pentagon spokesman Jonathan Hoffman told The New York Times that Boxer was in international waters at the time of the incident. The drone "closed within a threatening range" before Boxer took action.U.S. Marines embarked on Boxer used radio-jamming gear to bring down the drone, CNN...

Leave a Comment

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

Cancel reply

Comments

Top News: Europe

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