Tuesday, 14 May 2019 08:09 WIB |
China says it is imposing tariffs on $60 billion worth of imports from the United States, retaliating after President Donald Trump boosted taxes on $200 billion worth of Chinese goods sent to the United States and moved to impose duties on another $300 billion of Chinese exports.
The Chinese finance ministry said Monday its new 5% to 25% tax would be imposed June 1 and affect 5,140 U.S. products exported to China. Beijing said its response was targeting "U.S. unilateralism and trade protectionism."
"China will never succumb to foreign pressure," the foreign ministry said.
"We are determined and capable of safeguarding our legitimate rights and interests. We still hope that the U.S. will meet us half way."
The new Chinese taxes came hours after Trump, on Twitter, urged China not to strike back, claiming "China has taken so advantage of the U.S. for so many years, that they are way ahead (Our Presidents did not do the job). Therefore, China should not retaliate-will only get worse!"
The escalation of the tit-for-tat tariff increases had an immediate effect on the U.S. stock market, with the key Dow Jones Industrial Average plunging nearly 2.4% by the close of trading Monday in New York.
The Chinese decision to retaliate with tariffs came after the world's two biggest economies ended their latest trade talks Friday in Washington without reaching a deal.
Source : VOA