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China imposes tariff hike on U.S. goods worth $60 bn in response to tarrif hike by US (Relevant for GS Prelims & Mains Paper II; IOBR)

China imposes tariff hike
China announced that it will raise tariffs on $60 billion worth of U.S. goods from June 1, in retaliation to the latest round of U.S. tariff hikes for almost all the Chinese imports.

Reponse to tariff hike by US
The announcement came after the latest round of U.S.-China trade negotiations ended last week without a deal, and after Washington increased tariffs on $200 billion worth of Chinese goods.

Previously, the U.S. imposed 10% tariffs on $200 billion of Chinese imports in September.

U.S. President Donald Trump had also ordered the start of a process to impose new duties on another $300 billion worth of Chinese items.

Time kept for resolution
Despite the retaliation, Beijing appeared to give time to find a resolution by setting the June 1 date.

(Source:https://www.thehindu.com/news/international/china-hits-back-imposes-tariff-hike-on-us-goods-worth-60-bn/article27119987.ece)



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