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China fires back at the US with higher tariffs on thousands of American products
(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...) ]
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