13:54 GMT +322 September 2019
Listen Live
    This photo illustration taken on September 29, 2016 shows Chinese 100 yuan notes in Beijing.

    China Responds to Trump's New Tariffs, Targeting $60 Billion in US Exports

    © AFP 2019 / FRED DUFOUR
    Business
    Get short URL
    9932
    Subscribe

    The move comes after on Friday US President Donald Trump decided to impose 25 percent tariffs on $200 billion worth of Chinese goods, also warning that Beijing should strike a deal, or the situation would be "far worse" for China.

    According to the Chinese Finance Ministry, 25, 20, and 10 percent import duties for different groups of US goods will come into effect on 1 June. In total, 5,410 US products will be affected by the tariffs, the ministry said in a statement.

    "From June 1, tariffs on $60 billion worth of imported US goods will be increased", the statement read.

    READ MORE: Trump Denies WH Adviser's Claim US Consumers to Pay for Tariffs on Chinese Goods

    Earlier in the day, Chinese Foreign Ministry spokesman Geng Shuang warned that his country "would never surrender to external pressure". The statement warned of retaliatory measures after Washington increased tariffs on about $200 billion worth of Chinese imports, from 10 percent to 25 percent, while also announcing tariff hikes on all remaining US imports from China, valued at around $300 billion.

    While the US president claimed the move would produce "massive payments" that would go directly to the US Treasury Department, his Economic Adviser Larry Kudlow said in an interview that both sides will suffer because of the new trade restrictions.

    The economic conflict between the two states started a year ago after the US administration imposed duties on Chinese steel imports. After that, Washington and Beijing repeatedly slapped billions of dollars' worth of retaliatory tariffs on each other.

    Related:

    Trump Denies WH Adviser's Claim US Consumers to Pay for Tariffs on Chinese Goods
    China Refuses to 'Surrender to External Pressure' as US Renews Tariff Threat
    Trump: China Is 'DREAMING' of Biden Winning 2020 US Presidential Election
    WH Adviser Kudlow: Americans Are Paying for Tariffs Trump Imposed on China
    Trump: 'We Are Right Where We Want to Be With China'
    Tags:
    tariff war, US-China trade war, US-China relations, tariffs, trade relations, Donald Trump, China, United States
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik