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