International

China fires back in trade war with US, imposes tariffs on $60bn of goods

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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.

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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.

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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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