China's retaliation has arrived ...
China said it would raise tariffs on roughly $60 billion worth of U.S. imports, in response to the U.S. increasing tariffs on $200 billion worth of Chinese goods.
Starting from June 1, China will raise tariffs to as high as 25% on products it currently taxes at 5% to 10%, the State Council said in a statement late Monday Beijing time. The move comes after the U.S. raised punitive tariffs to 25% from 10% for $200 billion in goods leaving China last Friday and thereafter. It also comes as the U.S. is expected to release details on fresh levies for more than $300 billion worth of everything else China sells to the U.S.
Similar to the higher U.S. tariffs, China’s won’t hit goods in transit now. The tariffs affect products leaving U.S. shores on June 1 and thereafter, potentially giving the two countries time to negotiate a trade deal.Leaked letters reveal details of NRA chief’s alleged spendingWant news about Asia delivered to your inbox? Subscribe to MarketWatch's free Asia Daily newsletter. Sign up here.
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