United States hikes tariffs on Chinese goods, China says to strike back
In the latest development to the US-China trade war, Beijing has vowed to “strike back” following the US’ move to increase tariffs.
The increase from 10 per cent to 25 per cent on USD 200 billion (SGD 272 billion) worth of Chinese goods took effect today, after the midnight (EDT) deadline for agreement to be reached between China and the US passed without a deal. However, talks between the two countries’ delegations will continue.
In a statement, the commerce ministry said Beijing “deeply regrets” the increase, adding that they would “have to take necessary countermeasures”.
It also said that negotiations were continuing, and that it “hopes the United States can meet China halfway, make joint efforts, and resolve the issue through cooperation and consultation”.
Goods in the more than 5,700 affected product categories that left Chinese ports and airports before midnight will be subject to the original 10 per cent duty rate, a CBP spokeswoman said.
The US-China trade war has weighed on the global economy over the past year and created uncertainty for businesses and consumers. US president Donald Trump has downplayed the impact of tariffs on the US economy, but the increased tariffs will deal a blow to some American companies and consumers as firms may pass on the cost.