US Tariff Increase on $200 Billion in Chinese Imports Takes Effect

On Thursday, US Customs and Border Protection announced a 25% hike on tariffs on 5,700 categories of Chinese imports, prompting a fall on China's stock markets.

Starting from Friday, Washington's move to raise the import taxes on many Chinese goods from 10% to 25% takes effect.

READ MORE: China 'Fully Prepared' for Any US Actions Related to Tariffs

Previously, US President Donald Trump said that the move was intended to apply pressure on Beijing, which requested substantial modifications of a trade deal being negotiated between the two countries.

In turn, the Chinese Commerce Ministry said that Beijing regrets the US move to increase tariffs on Chinese exports worth $200 billion from 10 percent to 25 percent and is now forced to take retaliatory measures.

"China expresses its regret over the increase in US tariffs on Chinese exports, worth $200 billion from 10 percent to 25 percent, and is forced to take response measures," the ministry said in a statement.

The ministry also expressed hope that US and Chinese officials would be able to settle the existing disagreements through cooperation and consultations during the course of ongoing talks in Washington, DC.

Chinese Vice Premier Liu He is currently visiting the United States for talks on resolving trade disagreements between the two nations.

China have been in a trade dispute since last June, when Trump announced the imposition of 25 percent tariffs on Chinese goods worth $50 billion in a bid to fix the US-Chinese trade deficit, which was one of his pledges during the 2016 campaign.