China Announces Tariff Retaliation to Take Effect on June 1

China has announced retaliatory tariffs will go into place June 1. ( MGN Image )

(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 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. 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

 

©2019 Bloomberg L.P.

 
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