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China hits back in trade war, despite U.S. warning

Credit: Reuters Studio
Published on May 13, 2019 - Duration: 01:21s

China hits back in trade war, despite U.S. warning

China plans to impose tariffs on $60 billion worth of U.S. goods, the finance ministry said on Monday, after the United States escalated a bitter trade war with a tariff hike on $200 billion of Chinese products.

Zachary Goelman reports.

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China hits back in trade war, despite U.S. warning

Beijing on Monday delivered on its promise to hit back against new U.S. trade tariffs.

China said it will impose duties ranging from five to twenty-five percent on $60 billion worth of American goods.

They're set to take effect June 1.

The move comes amid a trade war stand-off between the globe's two largest economies.

And flies in the face of U.S. President Donald Trump who just moments earlier cautioned Beijing not to retaliate.

Trump on Monday fired off a splenetic series of tweets castigating China over trade.

Negotiations between Washington and Beijing that appeared near agreement a little over a week ago went awry.

(SOUNDBITE) (English) U.S. PRESIDENT DONALD TRUMP SAYING (THURSDAY): "They renegotiated the deal." The U.S. accused China of backtracking on commitments to change its own laws as part of the deal.

Trump on Friday hiked tariffs on $200 billion worth of Chinese goods, and on Monday, Beijing followed through with duties of its own.

(SOUNDBITE) (English) U.S. PRESIDENT DONALD TRUMP SAYING (THURSDAY): "I happen to think that tariffs, for our country, are very powerful." The president has asserted that tariffs are good for the U.S., raising government revenue and encouraging companies to produce goods in the United States.

But economists say the import duties are passed on to American consumers, in effect creating a tax for U.S. customers.

The trade-war tensions undercutting Wall Street at the start of the week.

The S&P 500 and the Dow Jones Industrial Average dropped nearly two percent in early trading.

The Nasdaq falling more than two-and-a-half percent.

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