China to hike tariffs on $60 billion of US goods

China said the move was a "response to US unilateralism." Recent talks to end the trade spat between the world's two largest economies ended without a breakthrough last week.

China said on Monday that it would increase tariffs of up to 25% on $60 billion (€53 billion) worth of US goods, starting on June 1.

The "adaptation" was a "response to US unilateralism and trade protectionism," the State Council's Customs Tariffs Commission said.

Read more: Trump's China tariffs are about more than just trade

US President Donald Trump last week increased tariffs on $200 billion worth of Chinese goods to 25% and ordered US trade officials to start looking into imposing tariffs on another $300 billion worth of Chinese goods.

Talks between the United States and China on a deal to end their trade dispute ended on Friday without a breakthrough.

China had collected duties of 5% to 25% on nearly 2,500 goods before the latest hike. The Tariffs Commission did not specify which goods would be targeted by the higher rates.

Read more: Sieren's China: Trump feels threatened by China's rise

An hour before the Tariff Council's announcement, Trump wrote on Twitter that "China should not retaliate" against the latest US moves. "Will only get worse!" he added.

In Beijing, a spokesman for the Chinese Foreign Ministry said the country would "never surrender to external pressure."

Investors fear further escalation in the dispute between the world's two largest economies could undermine global growth.

Trump's tariffs and who they target

Solar panels and washing machines

The first round of tariffs in 2018 were on all imported washing machines and solar panels — not just those from China. A study by economists from the Federal Reserve Bank of New York, Columbia University, and Princeton University found that the burden of Trump's tariffs — including taxes on steel, aluminum, solar panels falls entirely on US consumers and businesses who buy imported products.

Trump's tariffs and who they target

China hike

On Friday May 10, 2019 President Donald Trump imposed sanctions on $200 billion (€178 billion) worth of Chinese goods. The move rasied tariffs from 10% to 25% on a range of consumer products, including cell phone, computers and toys. China's Commerce Ministry said it "deeply regrets" the US decision.

Trump's tariffs and who they target

Issues with the EU

In April 2019, the United States said it wanted to put tariffs on $11.2 billion worth of goods from the EU. The list includes helicopters and aircraft from Airbus as well as European exports like: famous cheeses like Stilton, Roquefort and Gouda, wines and oysters, ceramics, knives and pajamas.

Trump's tariffs and who they target

EU fights back

The EU imposed import duties of 25% on a $2.8 billion range of imports from the United States in retaliation for US tariffs on European steel and aluminum. Targeted US products include Harley-Davidson motorcycles, bourbon, peanuts, blue jeans, steel and aluminum.

Trump's tariffs and who they target

European automakers next?

May 17, 2019 is the deadline for President Trump to decide on imposing tariffs on vehicle imports from the EU. According to diplomats, Germany, whose exports of cars and parts to the United States are more than half the EU total, wants to press ahead with talks to ward off tariffs on automakers Volkswagen, Mercedes and BMW.

Trump's tariffs and who they target

India not exempt

India, the world's biggest buyer of US almonds, on June 21, 2018 raised import duties on the nuts by 20% and increased tariffs on a range of other farm products and US iron and steel, in retaliation for US tariffs on Indian steel. Trump said last month that he would end preferential trade treatment for India, which would result in US tariffs on up to $5.6 billion of imports from India.

Trump's tariffs and who they target

North American neighbors in tariff spat

Mexico on June 5, 2018 imposed tariffs of up to 25% on American steel, pork, cheese, apples, potatoes and bourbon, in retaliation for US tariffs on Mexican metals. While to the north, Canada on July 1 imposed tariffs on $12.6 billion worth of U.S. goods, including steel, aluminum, coffee, ketchup and bourbon whiskey in retaliation for US tariffs on Canadian steel and aluminum.

amp/msh (Reuters, dpa, AFP)

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