China hits back at U.S. with $60bn of new tariffs
China is to slap tariffs on an additional $60bn of imports from the U.S. in retaliation against $200bn of new trade sanctions on Chinese goods announced by President Donald Trump.
Trump announced his latest escalation of the bitter trade standoff late on Monday, promising to introduce the additional border taxes of 10% on Chinese goods from next week.
The tariffs apply to almost 6,000 items, including consumer goods such as luggage and electronics, housewares and food.
The US president threatened further tariffs on an additional $276bn of goods if Beijing unveils retaliatory measures – a step that would mean tariffs on all Chinese imports to the US and equate to 4% of world trade.
Early on Tuesday he tweeted to accuse China of "actively trying to impact and change our election by attacking our farmers, ranchers and industrial workers because of their loyalty to me."
The US president added: “What China does not understand is that these people are great patriots and fully understand that China has been taking advantage of the United States on trade for many years.
"They also know that I am the one that knows how to stop it. There will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted!" the Guardian cited him as saying.
However, China then unveiled $60bn of tariffs on US imports including aircraft and coffee.