(Worthy News) - China on Monday said it would retaliate against the US by raising the tariff rates on thousands of American products, days after the US expanded duties on Chinese goods as trade negotiations stalled.
Beijing plans to increase tariffs on $60 billion worth of American imports starting June 1, China's Ministry of Finance said in a statement. The more than 5,000 items will face duties of 5% to 25%.
On Friday, the US more than doubled the tariff rate on $200 billion worth of Chinese imports, a move meant to penalize Beijing for making reversals on past trade commitments. [ Source: Business Insider (Read More...) ]
Copyright 1999-2020 Worthy News. All rights reserved.
Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.