China has vowed to impose tariffs on $60bn of US goods from 1 June, extending a bilateral trade war with US.
The move was announced in a statement on Monday by the Tariff Policy Commission of China’s cabinet, the State Council.
The action came in three days after the US doubled tariffs on $200bn of Chinese imports.
BBC reports that US markets reacted badly to the move after its stock market Dow Jones Industrial Average reduced to 1.8% with China raising tariffs on more than 5,000 US products,
The new rates however range from 5% to 25%.
Donald Trump who reacted to the move in a tweet said that US consumers could avoid the tariffs by buying the same products from other sources.
“Many tariffed companies will be leaving China for Vietnam and other such countries in Asia. That’s why China wants to make a deal so badly” he said.
Latest posts by Ripples Nigeria (see all)
- IPOB issues ‘direct order’ to members to ‘arrest’ Buhari in Japan - August 23, 2019
- S’West governors to launch ‘Western Nigeria Security Network’ - August 23, 2019
- Buhari to depart Abuja Sunday for Tokyo Conference - August 23, 2019