China announces tariff hike on $75 billion of US products
BEIJING (AP) — China on Friday announced tariff hikes on $75 billion of U.S. products in retaliation for President Donald Trump’s latest planned increase, deepening a conflict over trade and technology that threatens to tip a weakening global economy into recession.
China also will increase import duties on U.S.-made autos and auto parts, the Finance Ministry announced.
The announcement comes as leaders of the Group of 7 major economies prepare to meet in France this weekend.
Tariffs of 10% and 5% will take effect on two batches of goods on September 1 and December 15, the ministry said in a statement.
It gave no details of what goods would be affected but the timing matches Trump’s planned duty hikes.
Washington is pressing Beijing to narrow its trade surplus and roll back plans for government-led creation of global competitors in robotics, electric cars and other technology industries.
The sprawling conflict has battered exporters on both sides and fuelled concern it might drag down weakening global economic growth.
Peter Navarro, who advises Trump on trade policy, tried to downplay the impact of Chinese tariff hikes.
He said they were “well anticipated” and would only strengthen Trump’s resolve.