What’s on your Fall #CTBucketList?

China announces tariff hikes on $60 billion of US imports

A Chinese and US national flag hang on a fence at an international school in Beijing on December 6, 2018. (Photo by FRED DUFOUR / AFP) (Photo credit should read FRED DUFOUR/AFP/Getty Images)

BEIJING — China announces tariff hikes on $60 billion of US imports in retaliation for Trump’s latest trade penalties.

The United States has escalated its trade war with China, hiking tariffs on $200 billion worth of Chinese exports, hours after trade talks held in Washington failed to produce a breakthrough.

Tariffs on the targeted exports increased from 10% to 25% at 12:01 a.m. ET on Friday, prompting a swift rebuke from Beijing.

The Chinese government expressed “deep regret over the development” and pledged to take “necessary countermeasures.”

The Trump administration’s decision to impose new taxes on Chinese exports comes after the United States accused China of backtracking on commitments made during recent negotiations on trade.

Trump has repeatedly slammed China for indulging in what he says are unfair trade practices, particularly with regards to access to its giant market, intellectual property and technology transfers.

This is a developing story.

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.