CHINA-US: CHINA'S RESPONSE TO INCREASED US TARIFFS

In a statement on its website on May 13, the Chinese Ministry of Finance announced an escalation of the trade war on May 14 and said it would raise tariffs on US$60 billion of US goods from June 1, by  “25, 20 and 10 per cent” respectively. It said products that were taxed at 5 per cent would not be affected. It described the move as “a response to unilateralism and trade protectionism”, adding “China hopes the United States will return to the right track of bilateral trade negotiations, work together with China and meet China halfway to reach a mutually beneficial and win-win agreement on the basis of mutual respect and equality”.





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