Beijing, June 1
China on Saturday raised tariffs to maximum 25 per cent on $60 billion worth of US products, in retaliation to the US raising punitive tariffs on $200 billion worth of Chinese goods.
In May, after the Sino-US trade talks in Washington ended without a deal, the Trump administration imposed additional tariffs on $200 billion in Chinese goods to 25 per cent from 10 per cent.
The new tariffs range between 10 per cent and 25 per cent, state-run China Daily said quoting a statement by the Customs Tariff Commission of the State Council. The list of goods includes beauty products, sports equipment, musical instruments, wine, condoms, diamonds, wood, fabric and toys.
US President Donald Trump is demanding that China reduce the massive trade deficit, which in 2018 increased to over $539 billion. He is also pressing for verifiable measures for protection of intellectual property rights, technology transfer and more access to American goods into Chinese markets.
On Friday, China said it would release a blacklist of “unreliable” foreign companies and individuals, hitting back after the US targeted telecom giant Huawei in their escalating trade war. — PTI
THE DRAGON MOVE
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$659.84 billion—US-China trade in 2018
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$539 billion—China’s exports
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$120 billion—US exports
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