China has announced that it will raise tariffs on $60bn of US goods in retaliation for the latest increase in US tariffs on its exports. The move comes after the United States escalated the bitter trade war with a tariff increase on $200bn of Chinese products on Friday.
The finance ministry said in a statement that China will impose tariffs on a total of 5,140 US products from June 1. It said China’s adjustment on additional tariffs is a response to US unilateralism and protectionism, adding that it hopes the US will get back to the right track of bilateral trade and economic consultations and meet with China halfway.
The retaliatory measures were announced about an hour after US President Donald Trump tweeted directly to Chinese President Xi Jinping saying: “China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries.”