por admin » Lun May 13, 2019 7:48 am
China is raising tariffs on $60 billion of US goods starting June 1
PUBLISHED 26 MINS AGO UPDATED 7 MINS AGO
Jacob Pramuk
@jacobpramuk
CNBC.COM
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China will raise tariffs on $60 billion in U.S. goods in retaliation for the U.S. decision to hike duties on Chinese goods.
Beijing will increase the tariffs to 25% from 10% on June 1, the Chinese Finance Ministry said Monday. It follows President Donald Trump's decision to raise duties on $200 billion in Chinese products to 25% from 10% as the world's two largest economies struggle to ink a new trade deal.
The action raises the stakes in a widening trade conflict that has rattled investors and threatened to damage the global economy. U.S. stock futures signaled a sharp drop Monday morning amid the escalation.
Soybean meal in a dockyard in Nantong in east China's Jiangsu province, Aug. 06, 2018.
Feature China | Barcroft Media | Getty Images
Soybean meal in a dockyard in Nantong in east China's Jiangsu province, Aug. 06, 2018.
The duties in large part target the U.S. agriculture industry, which has suffered from previous shots in the Trump administration's trade war with China. The thousands of targeted products include peanuts, sugar, wheat, chicken and turkey.
Neither the White House nor the Treasury Department immediately responded to CNBC's requests to comment on the tariff increase.
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