China retaliates with tariff hikes on $60 billion of US goods
The Chinese Ministry’s latest move was in retaliation for the US administration’s decision to increase the 10% tariff on $200 billion of imports from China to 25% on May 10. President Trump also threatened to impose 25% tariffs on $325 billion of currently untaxed Chinese exports.
Accordingly, duties on some US goods will increase to as high as 25% and 20% by China. The rates of additional duty on products were initially at 10% and 5%, respectively.
Before the sudden reversal, both sides had been in talks for months to negotiate a trade deal.
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