NEW: China will raise tariffs on $75 billion of U.S. products in retaliation for Pres. Trump's planned duty increase, the latest escalation in the trade war between the two countries.
China on Friday announced tariff hikes on $75 billion of U.S. products in retaliation for President Donald Trump's planned increase, deepening a trade war that threatens to tip the global economy into recession.
The tariffs of 10% and 5% take effect on two batches of goods on Sept. 1 and Dec. 15, the official Xinhua News Agency said. It gave no details of what goods would be affected but the timing matches Trump's planned duty hikes. The spiraling conflict over China's trade surplus and technology ambitions has fueled concern among companies and investors that it might drag down already weakening global economic growth.
China's government appealed to Trump this week to compromise in order to break a deadlock in negotiations. Trump previously announced plans to raise tariffs on an additional $300 billion of Chinese goods after talks broke down in May. They were due to take effect Sept. 1 but some were postponed to Dec. 15.
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