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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. The United States has escalat...
CHINA-US-TRADE-DIPLOMACY

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.

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