China vows to fight ‘to the end’ as it raises tariffs on US$60 billion of US goods in trade war escalation
- Ministry of Finance says the move, with duties to rise to ‘25, 20 and 10 per cent’, is a response to ‘unilateralism and trade protectionism’
- Announcement follows US President Donald Trump’s warning that Beijing should not retaliate for US tariff increases
Beijing will fight “to the end” in the trade war, the country’s state broadcaster said on Monday, just before China announced that it would raise duties on US$60 billion of American goods on June 1.
Disregarding warnings issued by US President Donald Trump, the Chinese Ministry of Finance said tariffs on thousands of US products will rise to as high as 25 per cent, from the original 10 per cent, in the latest escalation of the battle between the world’s two biggest economies.
Among those hit by the highest tariffs are a wide range of food products – including cooking oils, frozen vegetables, wine, beer and other beverages – industrial minerals and chemicals, textiles and clothing, jewellery, metal products, machinery parts, and consumer items ranging from home appliances to condoms.
The statement came days after the US raised tariffs on US$200 billion of Chinese imports to 25 per cent from 10 per cent, and talks failed to resolve the trade fight. The Chinese Finance Ministry accused the raised US tariffs of “leading to the escalation of trade frictions between China and the US”.
China’s move to escalate the tariffs also followed a series of posts by Trump on Twitter on Monday morning saying China should not retaliate.
Over the weekend, he accused China of playing for time in trade talks and warned he would offer a “far worse” deal if he wins re-election in 2020.
