China Announces Tariff Retaliation to Take Effect on June 1
The tariffs will take effect on June 1, according to a statement on the Ministry of Finance’s website on Monday. The tariffs will be imposed on some of the goods listed on a previous retaliation list from 2018.
The yearlong trade frictions between the world’s two biggest economies re-escalated last week when the Trump administration announced a 25% punitive tariff on thousands of Chinese products. The U.S. is set to release a plan to levy a 25% additional tariff on all remaining imports from China on Monday.
The Chinese retaliatory tariffs will be imposed at different levels:
- 25% tariffs on 2,493 items
- 20% tariffs on 1,078 items
- 10% tariffs on 974 items
- 5% tariffs to continue on 595 items
— With assistance by Miao Han