China has announced that it has increased the tariff from 5% to 25% for a $60 billion worth of US product.
The application will be effective as of June 1, said the statement, the increase of 5 percent, 10 percent, 20 percent and 25 percent will cover 2 thousand 493 product.
China’s retaliation come after the U.S. 25% tariff increase on $200 billion Chinese products.
The Washington administration’s decision to raise taxes on China’s products has left Beijing administration no choice but to raise taxes, said the statement, “China’s tax increase measures are the response to US unilateralism and trade protectionism. China hopes the U.S. to return to the correct trajectory of bilateral trade negotiations,” expressions told.
Chinese Foreign Ministry spokesman Ging Shuang said at a press conference during the day that “Increasing tariffs many times will not solve any problem. China will never surrender to foreign pressure”.
1 year behind in the “trade war” between the US and China. Chinese Deputy Prime Minister Liu Hı, who went to the US on last Thursday to attend the last meeting of the “trade war” talks, had returned from the negotiations empty-handed. Chinese and US delegations had not been able to get results from the two-day negotiations.