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China to raise tariffs on US$60b worth of US goods from June 1
[WASHINGTON] China says it will raise tariffs on $60 billion worth of U.S. goods from June 1, Bloomberg News reports.
Some 2,493 goods will see levies raised to 25%, according to a statement on the Chinese government’s website.
President Donald Trump earlier threatened that the trade standoff with China will "get worse" if there is retaliation for US tariffs that go into effect on Chinese goods Monday.
"I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don't make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China. You had a great deal, almost completed, & you backed out!" Mr Trump wrote in one of several Twitter messages.
Mr Trump's comments come after high-level talks between Chinese and American officials broke up Friday in Washington without a deal. The White House's top economic adviser, Larry Kudlow, predicted that the impact on US jobs and growth from higher tariffs assessed on Chinese goods would be "de minimis," while conceding that "both sides will suffer" from the trade war.
Mr Trump has repeatedly said that China will pay the tariffs that increased May 10 to 25 perc ent from 10 per cent on US$200 billion in Chinese goods. Mr Kudlow undercut that in an interview on "Fox News Sunday."
No date has been set for fresh talks. but it's likely Mr Trump would meet with Chinese President Xi Jinping during the G20 meeting in Osaka, Japan, in late June, Mr Kudlow said.
The ongoing trade fight between the world's two biggest economies is roiling markets and weighing on projections for global growth.