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China Hikes Tariffs on Another $60 Billion in U.S. Goods
China’s finance ministry say it will respond to the latest round of U.S. tariffs with new taxes between 5% and 25% on $60 billion worth of U.S. goods, starting June 1.
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China’s finance ministry say it will respond to the latest round of U.S. tariffs with new taxes between 5% and 25% on $60 billion worth of U.S. goods, starting June 1.
The move follows last week’s increase in U.S. tariffs to 25% from 10% on $200 billion worth of Chinese imports. President Donald Trump, who approved the new U.S. tariffs, urged China not to retaliate.
Weeks ago the two countries declared themselves near agreement on a wide-ranging trade pact. But relations soured dramatically after the U.S. accused China of reversing its tentative agreement on a key issue: modifying its laws and codifying new rules on intellectual property protection.
Both sides now declare there is no rush to reach an accord. Talks may not resume until an expected meeting between Trump and China President Xi Jinping during a G-20 economic summit meeting in Japan in late June.
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