ECONOMY

China to impose tariffs on $60 bln worth of US goods

A man takes a photo inside a Tesla Model X in a Tesla showroom in Beijing. (AFP)

China said on Monday it will impose tariffs on $60 billion worth of US goods from June 1, in apparent retaliation after Washington announced plans to tax almost all Chinese imports.

Beijing will hit a number of American imports with tariffs ranging from 5 percent to 25 percent, according to a statement by the Tariff Policy Commission of the State Council.

The announcement came after the latest round of trade negotiations to resolve disputes between the world’s top two economies ended Friday without a deal.

US President Donald Trump has increased tariffs on $200 billion worth of Chinese goods to 25 percent and ordered the start of a process to impose new duties on another $300 billion worth of items.

The response was announced after Trump on Monday warned Beijing not to retaliate.

“China should not retaliate-will only get worse!” the US president wrote in a series of tweets on trade.

But Beijing also appeared to dig in.

“China will never surrender to external pressure,” foreign ministry spokesman Geng Shuang said at a regular briefing Monday.

Global markets remain on red alert over a trade war between the two superpowers that most observers have warned could shatter global economic growth, and hurt demand for commodities like oil.

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Last Update: Monday, 13 May 2019 KSA 16:28 - GMT 13:28
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