BEIJING: China on Friday announced tariff increased on $75 billion worth of US products in retaliation for President Donald Trump’s planned increase, deepening a trade war that threatens to tip the global economy into recession.
The tariffs of 10% and 5% take effect on two batches of goods on Sept 1 and Dec 15, the official Xinhua News Agency said. It gave no details of what goods would be affected but the timing matches that of Trump’s planned duty hikes.
The spiralling conflict over China’s trade surplus and technology ambitions has fuelled concern among businesses and investors that it might drag down already weakening global economic growth.
China’s government appealed to Trump this week to compromise in order to break a deadlock in negotiations.
Trump previously announced plans to raise tariffs on an additional $300 billion worth of Chinese goods after talks broke down in May. They were due to take effect on Sept 1 but some were postponed to Dec 15. The reprieve covered computers, mobile phones, consumer electronics and toys as higher costs would hurt holiday-season sales in the US.