Agency, 10 May : United States has more than doubled tariffs on $200bn (£153.7bn) worth of Chinese products, in a sharp escalation of their damaging trade war.
Tariffs on those Chinese goods have risen to 25% from 10%, and Beijing has vowed to retaliate. China said it “deeply regrets” the move and will have to take “necessary counter-measures.”
The move comes as high-level officials from both sides are attempting to salvage a trade deal in Washington. Only recently, the US and China appeared to be close to ending months of hostilities.
“The US has raised the tariff on $200bn of Chinese exports to the United States from 10% to 25%,” China’s Commerce Ministry said on its website. “It is hoped that the US and the Chinese side will work together … to resolve existing problems through cooperation and consultation.”
Chinese stock markets were little changed after the deadline passed, with the Hang Seng index trading up 0.6% and the Shanghai Composite 1.5% higher.
The market took a beating earlier this week after US President Donald Trump flagged the tariff hike on Sunday.
In the past, Beijing has responded immediately to new tariffs imposed by the US on Chinese products.
The US-China trade war has weighed on the global economy and created uncertainty for businesses and consumers.
2 weeks ago