China Hikes Retaliatory Tariffs on US Goods
China will raise tariff rates on 5,140 tariff lines of U.S. goods in response to the latest escalation in the trade war, the Chinese Foreign Ministry announced May 13. It is not increasing tariffs on the U.S. imports that have not yet been part of retaliation. Instead, it is increasing the previously imposed punitive tariffs from 10 percent to 20 or 25 percent, and increasing other tariffs from 5 percent to 10 percent.
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The largest number of products, 2,493, are going from 10 to 25 percent; another 1,078 are going from 10 to 20 percent, and for 974 tariff lines, the retaliatory tariff will increase from 5 to 10 percent. China is also holding fast at 5 percent on 595 tariff lines.
All of the increases will take effect June 1.