BEIJING: China will impose higher tariffs on most US 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 US 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 US products will be subject to additional tariffs of 5 per cent, 10 per cent, 20 per cent and 25 per cent starting June 1, the Finance Ministry in Beijing said in a statement.
The escalation, from rates of 5 per cent and 10 per cent, was announced hours after Trump warned China not to retaliate against the latest US tariffs hike.
The additional tariff of 25 per cent will be levied against 2,493 goods, including liquefied natural gas, soya oil, peanut oil, petrochemicals,
frozen vegetables and cosmetics, the Ministry said, and of 20 per cent on 1,078 products.
