China hits back in trade war with US
May 14, 2019 12:27 pm
China has said it will impose tariffs on $60bn of US goods from 1 June, extending a bilateral trade war.
The move comes three days after the US more than doubled tariffs on $200bn of Chinese imports.
The escalation sent stock markets down, with the Dow Jones Industrial Average closing more than 600 points lower.
US President Donald Trump had warned China not to raise levies but Beijing said it would not swallow any “bitter fruit” that harmed its interests.
China has raised tariffs on more than 5,000 US products, with the new rates ranging from 5% to 25%.
Items affected include beef, lamb and pork products, as well as various varieties of vegetables, fruit juice, cooking oil, tea and coffee.
Chinese foreign ministry spokesman told a news briefing in Beijing that China would “never surrender to external pressure”.
Stock markets in both Europe and the US fell.