China announces tariff hikes on $60 billion of US imports in retaliation for Trump’s latest trade penalties
BEIJING (AP) — China has announced it is raising tariffs on $60 billion in U.S. goods in retaliation for the latest penalties on its exports announced by the Trump administration.
The Finance Ministry said Monday the penalty duties of 5% to 25% on hundreds of U.S. products including batteries, spinach and coffee take effect June 1.
That followed President Trump’s increase Friday of duties on $200 billion of Chinese imports from 10% to 25% in a dispute over Beijing’s technology ambitions and trade surplus.
President Donald Trump is warning Chinese President Xi Jinping (shee jihn-peeng) that China “will be hurt very badly” if they don’t agree to a trade deal.
President Trump tweeted Monday after the countries failed to reach a deal in recent talks. The Trump administration has raised tariffs on $200 billion of Chinese imports after charging that China had backtracked on commitments it made in earlier negotiations.
President Trump tweeted China “had a great deal, almost completed, & you backed out!”
The President insisted the tariffs the U.S. has placed on Chinese goods don’t hurt American consumers, saying there is “no reason for the U.S. Consumer to pay the Tariffs.”
White House economic adviser Larry Kudlow acknowledged Sunday that U.S. consumers and businesses pay the tariffs. “Both sides will pay,” he told Fox News.