US economy

China Announces Tariff Retaliation to Take Effect on June 1


© Bloomberg. Container ships are docked next to gantry cranes as shipping containers sit stacked at the Yangshan Deepwater Port, operated by Shanghai International Port Group Co. (SIPG), in this aerial photograph taken in Shanghai.

(Bloomberg) — China announced that it will impose additional tariffs on some American goods in retaliation for the latest increase of U.S. duties on $200 billion of Chinese imports.

The tariffs will take effect on June 1, according to a statement on the Ministry of Finance’s website on Monday. The tariffs will be imposed on some of the goods listed on a previous retaliation list from 2018.

The yearlong trade frictions between the world’s two biggest economies re-escalated last week when the Trump administration announced a 25% punitive tariff on thousands of Chinese products. The U.S. is set to release a plan to levy a 25% additional tariff on all remaining imports from China on Monday.

The Chinese retaliatory tariffs will be imposed at different levels:

  • 25% tariffs on 2,493 items
  • 20% tariffs on 1,078 items
  • 10% tariffs on 974 items
  • 5% tariffs to continue on 595 items

To contact Bloomberg News staff for this story: Miao Han in Beijing at mhan22@bloomberg.net

To contact the editors responsible for this story: Jeffrey Black at jblack25@bloomberg.net, James Mayger

©2019 Bloomberg L.P.

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