China hits back with their own tariffs on $60 bil. worth of U.S. goods
- 5 years ago
The ongoing U.S.-China trade war just got dialed up a notch on Monday,... with Beijing announcing it was raising tariffs on tens of billions of dollars in American imports.
The move is Beijing's blunt answer to President Trump's recent tariff hike on Chinese goods.
It's not yet clear at this point whether the return of tit-for-tat penalties will push Beijing toward a deal.
Lee Seung-jae with our top story this morning.
It was a move widely expected by all sides.
China finally pulled the trigger on Monday,... hiking tariffs on 60 billion dollars in American goods as it smashed back against President Trump's latest tariff hike on 200 billion dollars in Chinese goods.
Beijing's ministry of finance said it was increasing tariffs on goods ranging from liquefied natural gas to frozen spinach,... and even everyday household goods like toothpaste,... in what they called a "response to U.S. unilateralism and trade protectionism".
According to Beijing, nearly 25-hundred items from the U.S. would be subject to tariffs of 25-percent from June 1st.
They include LNG, agricultural items such as natural honey, compounds such a potassium sulphate, which is commonly used in fertilizer, and a number of manufactured goods such as LED light bulbs.
On two other lists, covering 1,078 and 974 items,... tariffs will be raised to 20 percent to 10-percent respectively.
The products on those lists include many household goods.
A smaller list of items will not see an increase beyond the current level of five percent.
Observers say that, with the Chinese tariffs not taking effect for more than two weeks, it gives negotiators some extra time to strike a deal.
China says U.S. policies are threatening the existence of the World Trade Organization,... setting out a string of grievances in a WTO "reform proposal",... which was uploaded on the organization's website on Monday.
While China did not name the U.S. directly,... it referred to the block on the appointment of WTO appeals judges and "national security" tariffs on aluminum, steel and automobiles,... policies which are uniquely associated with the United States.
It added a "certain member" of the WTO had unilaterally raised trade barriers and imposed import tariffs in an arbitrary way,... and without authorization from the organization.
Lee Seung-jae, Arirang News.
The move is Beijing's blunt answer to President Trump's recent tariff hike on Chinese goods.
It's not yet clear at this point whether the return of tit-for-tat penalties will push Beijing toward a deal.
Lee Seung-jae with our top story this morning.
It was a move widely expected by all sides.
China finally pulled the trigger on Monday,... hiking tariffs on 60 billion dollars in American goods as it smashed back against President Trump's latest tariff hike on 200 billion dollars in Chinese goods.
Beijing's ministry of finance said it was increasing tariffs on goods ranging from liquefied natural gas to frozen spinach,... and even everyday household goods like toothpaste,... in what they called a "response to U.S. unilateralism and trade protectionism".
According to Beijing, nearly 25-hundred items from the U.S. would be subject to tariffs of 25-percent from June 1st.
They include LNG, agricultural items such as natural honey, compounds such a potassium sulphate, which is commonly used in fertilizer, and a number of manufactured goods such as LED light bulbs.
On two other lists, covering 1,078 and 974 items,... tariffs will be raised to 20 percent to 10-percent respectively.
The products on those lists include many household goods.
A smaller list of items will not see an increase beyond the current level of five percent.
Observers say that, with the Chinese tariffs not taking effect for more than two weeks, it gives negotiators some extra time to strike a deal.
China says U.S. policies are threatening the existence of the World Trade Organization,... setting out a string of grievances in a WTO "reform proposal",... which was uploaded on the organization's website on Monday.
While China did not name the U.S. directly,... it referred to the block on the appointment of WTO appeals judges and "national security" tariffs on aluminum, steel and automobiles,... policies which are uniquely associated with the United States.
It added a "certain member" of the WTO had unilaterally raised trade barriers and imposed import tariffs in an arbitrary way,... and without authorization from the organization.
Lee Seung-jae, Arirang News.