By Chao Deng
China said it would raise tariffs on roughly $60 billion worth of U.S. imports, in response to the U.S. increasing tariffs on $200 billion worth of Chinese goods.
Starting from June 1, China will raise tariffs to as high as 25% on products it currently taxes at 5% to 10%, the State Council said in a statement late Monday Beijing time. The move comes after the U.S. raised punitive tariffs to 25% from 10% for $200 billion in goods leaving China last Friday and thereafter. It also comes as the U.S. is expected to release details on fresh levies for more than $300 billion worth of everything else China sells to the U.S.
Beijing had threatened last week to retaliate.
China is raising tariffs on a swath of roughly 5,000 products. Goods that China will charge at 25% include animal products, frozen fruits and vegetables, and seasonings. Goods it will charge at 20% include baking condiments, chemicals and vodka.
Similar to the higher U.S. tariffs, China’s won’t hit goods in transit now. The tariffs affect products leaving U.S. shores on June 1 and thereafter, potentially giving the two countries time to negotiate a trade deal.
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