China unveils new tariffs on $75 billion worth of US goods
Beijing announced tariff increases on $75 billion worth of US exports on Friday in response to President Donald Trump’s own planned hikes as the US-China trade war heats up further.
On Friday, China said that it will increase tariffs on $75 billion worth of US exports after President Donald Trump threatened to hike charges on over $300 billion of Chinese goods earlier this month.
The move threatens to push the global economy into a recession as the US-China trade dispute over trade and technology continues to worsen.
More than 5,000 US products hit by Chinese tariffs
China plans to impose new tariffs of 5% or 10% on a total of 5,078 US products including agricultural and crude oil. Beijing is also reinstating tariffs on US car and auto parts.
The Big Three US-based carmakers General Motors, Ford Motor and Fiat Chrysler saw their shares slide by around 2% in the wake of the announcement.
‘China’s decision to implement additional tariffs was forced by the U.S.’s unilateralism and protectionism,’ China’s Commerce Ministry said in a statement.
Trump orders US firms to look for alternatives to China
In retaliation, Trump ordered US companies to start looking for alternatives to Chinese exports.
‘Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA.’
Trump said that he plans to response to China’s tariffs this afternoon.
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