China will raise tariffs on\n60 billion US dollars in response to a US decision to increase duties on\nChinese goods, the Ministry of Finance said Monday.<\/p>\n\n\n\n
Beijing will increase\ntariffs on more than 5,000 products to as much as 25%. The duties on some other\ngoods will also rise to 20%. These rates will rise from 10% or 5% previously.<\/p>\n\n\n\n
The move follows President\nTrump’s decision to raise tariffs on Chinese products worth 200 billion dollars\nto 25 percent from 10 percent. The world’s two largest economies are struggling\nto sign a trade deal and end a continuing dispute that threatens to hurt the global\neconomy.<\/p>\n\n\n\n
The latest move in the\ntrade war between the world’s biggest economists shocked investors and markets.\nMajor US stock indexes rose more than 2% on Monday amid escalations.<\/p>\n\n\n\n
The duties were largely\naimed at American farmers, who largely supported Trump in 2016 but suffered\nfrom the earlier shots in Trump’s trade war with China. The products include\npeanuts, sugar, wheat, chicken and turkey.<\/p>\n\n\n\n
In an increase in tariffs\non Chinese goods on Friday, the White House said that Beijing has backed out of\nimportant parts of the developing trade agreement. While Treasury Secretary\nSteven Mnuchin\nand US Trade Representative Robert Lightzier met Chinese negotiators last week\nin talks described by Mnuchin as “constructive”, the two sides could\nnot reach an agreement.<\/p>\n\n\n\n
Trump, who wants to tackle\ngrievances such as intellectual property theft, forced technology transfer and\ntrade deficit, pushed China into a deal before retaliation on Monday morning.\nIn a series of tweets, the president said tariffs were “very bad for\nChina.” He declared that “China should not retaliate” because it\nwill \u201conly get worse,\u201d.<\/p>\n\n\n\n
The US President wrote\nabout China and its president Xi Jinping: “You had a great deal, almost\ncompleted, & you backed out!\u201d<\/p>\n\n\n\n
Trump threatened to impose\na 25 percent tariff on $325 billion of Chinese goods, which are still tax-free.\nThe president noted that he was satisfied with leaving his duties, saying they\nwould hurt China more than the United States.<\/p>\n\n\n\n
The president has\nrepeatedly claimed that China bears the burden of costs from customs duties.\nBut the burden is largely on businesses and consumers in the United States.<\/p>\n\n\n\n
“Fair enough. In fact,\nboth sides will pay.” Larry Kudlow, chief economic adviser at Trump, was\npressed on Sunday in an interview with Fox News.<\/p>\n\n\n\n
Despite this, Trump claimed\nin a tweet on Monday that “there is no reason for the U.S. Consumer to pay\nthe Tariffs” He also said that tariffs “can be completely avoided if\nyou buy from a non-Tariffed Country, or you buy the product inside the\nUSA.”<\/p>\n\n\n\n
The United States hopes to\nrevive discussions as it tries to reach an agreement. On Sunday, Kudlow said\nthere was “a strong possibility” that Trump would meet Xi at the G20\nsummit in Japan next month.<\/p>\n","protected":false},"excerpt":{"rendered":"
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