China to increase tariffs on US goods worth $6 billion to retaliate Trump’ decision

Must Read

Sanju Samson to replace Shikhar Dhawan in T20 series against WI

Sanju Samson will replace injured Indian opener Shikhar Dhawan in the T20s series against West Indies starting from next...

Supreme Court lashes out on Centre & Delhi govts for Rising Pollution

The Apex Court of the Country, the Supreme Court on Monday lashed the Central and State Government for their...

Harbhajan Singh wishes BCCI Prez Sourav Ganguly to change Selection Panel

The Indian off-spinner Harbhajan Singh on Monday urged Sourav Ganguly, President of BCCI (The Board of Control for Cricket...

Beijing, May 13: China on Monday said it will impose tariffs on $60 billion of US goods from June 1 in retaliation for Washington’s decision to hike duties on Chinese goods.

Beijing will increase the tariffs to 25 per cent from 10 per cent on June 1, the Chinese Finance Ministry was cited as saying by CNBC.

The move follows US President Donald Trump’s decision to raise duties on $200 billion of Chinese products from 10 per cent to 25 per cent as the world’s two largest economies struggle to ink a new trade deal.

“China should not retaliate – will only get worse!” the US President tweeted shortly before news of the Chinese decision came.

The development raises the stakes in a widening trade conflict that has rattled investors and threatened to damage the global economy. US stock futures signalled a sharp drop on Monday morning amid the escalation.

Donald Trump on Monday warned his Chinese counterpart Xi Jinping that his country would be “hurt very badly” if a deal to end the year-long trade war between Washington and Beijing is not reached.

His comments came after the US raised tariffs from 10 per cent to 25 per cent on $200 billion worth of Chinese imports on Friday after a breakdown of negotiations, in a sharp escalation of their trade war.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Raghuram Rajan suggests 11 point approach to revive distressing Indian economy

Former RBI governor Raghuram Rajan warned that sectors of India’s economy are “ticking time bomb”. A term coined by...

YES Bank to consider Citax offer of $500-mn investment; Erwin Braich’s offer also under discussion

The board decided in the meeting that the final decision for the allotment to Citax Holdings and Citax Investment Group will follow in the next board meeting

7th Pay Commission : Center approves 4800 Crores for J&K state employees

The approved allowances has an estimated cost of Rs.4800 Crore.

Warner Bros defends Clint Eastwood’s ‘Richard Jewell’ over legal issue

The Clint Eastwood directed biographical drama film Richard Jewell has been in the news before its theatrical release.  The film’s distributor, Warner Bros has decided...

Passenger vehicle sales register 0.8% decline in November; Sales of utility vehicles show slight growth

The wholesales of vehicles have also registered the significant declined across the categories in November.
- Advertisement -

More Articles Like This