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China to hike levies on $60bn US goods from June

China to hike levies on $60bn US goods from June

Mubasher: China on Monday announced that it will raise levies on $60 billion worth of US products as from next June, in response to Washington’s tariff hikes that took effect last week, CNBC reported.

Tariffs on more than 5,000 goods imported from the US will be raised to as high as 25%, while duties on some other items will be increased to 20%, the Chinese Finance Ministry said.

Those rates will rise from either 10% or 5% to which US goods were subject.

The duties mainly hit the US agricultural products, a sector that has suffered from previous shots in the middle of the trade conflict between the world’s two leading economies.

The move came a few days after the US raised tariffs on $200 billion in Chinese product to 25% from 10% last Friday, after President Donald Trump said that Beijing “broke the deal” by reneging on its earlier commitments during months of bilateral negotiations.

 On a side note, President Trump pushed China to ink a deal ahead of its retaliatory step on Monday. He argued that “China should not retaliate” as it “will only get worse.”