The Chinese government will hit an estimated $60 billion in U.S goods with levies from between levels of 5 to 25 percent, its finance ministry said Friday.
Beijing said that the precise items being targeted and the tariffs’ implementation will be done strictly in reaction to the Trump administration’s plans announced earlier this week to hit $200 billion worth of Chinese goods with 25 percent tariffs of the United States.
The announcement was just the latest round in the two countries’ escalating fight. The Trump administration had originally planned tariffs of just 10 percent on the $200 billion of goods, but on Wednesday President Trump directed his trade policy team to hike the rates up to 25 percent in an effort to get Beijing to make concessions. They would come on top of previously enacted 25 percent tariffs on $34 billion of Chinese goods and broad-based tariffs of 25 percent on imported steel and 10 percent on imported aluminum, both of which were primarily directed at China.
China’s announcement Friday indicates that administration’s high-pressure strategy was not bearing much fruit, as Beijing is apparently willing to endure more economic pain at least in the short term. It has already established 5 to 25 percent additional duties on $3 billion in U.S. imports in reaction to earlier White House tariffs.
