China hikes retaliatory tariffs on US goods despite Trump’s warning


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China hikes retaliatory tariffs on US goods despite Trump’s warning

On Monday, the 13th of May 2019, Beijing had brushed aside US President Donald Trump’s warning of not to push for retaliatory tariffs, saying that China would impose higher tariffs between 5 to 25 percent on most of US imports, worth of around $60 billion.

In midday Asian trading hours, China had hit back Washington’s tariff hike on $200 billion of US imports, which seemingly had forced US President Donald Trump to make arrangement of a meeting with Chinese President Xi Jinping and Russian President Vladimir Putin over the latest G20 summit on Tokyo, due to be held at late June.

The retaliatory tariffs came forth after US President Donald Trump had threatened China later on last Friday (May 10th) to impose tariffs on all Chinese imports, unless China bowed down. Followed by Trump’s threat and warning against retaliatory tariffs, China had not only inclined additional tariffs on all US imports, scheduled to be effective by June 1st, also said that the national had every kind of monetary instrument to grapple with “external pressure”, like of Trump’s China tariff.

At a Monday (May 13th) statement released during the midday Asian trading hours, Chinese finance ministry had been quoted saying that a total of 5,140 US goods would be subject to additional tariffs between 5 to 25 percent, starting from June 1st.