China Says Tariff Retaliation to Take Effect on June 1
USAgNet - 05/14/2019
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.
Bloomberg reports that 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 delayed start leaves open
a window for negotiations to continue on a trade agreement.
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. released a plan to levy a 25% additional tariff on all
remaining imports from China on Monday.