China and US trade impasse keeps on the uptick.

International Relations

China announced on Monday that it will increase its customs duties as of June 1 on $ 60 billion of annual imports of US products, in retaliation for the actions taken by Washington .

Trump advises China not to retaliate against the United States
Customs duties will increase on a set of US products already taxed, up to a maximum rate of 25%, the Office of the Chinese Government’s Tariff Commission announced on its website.

US President Donald Trump approved Friday to increase, as a punitive measure, from 10% to 25% the tariffs that are applied on Chinese products valued at 200 billion dollars.
Trump also ordered to institute a procedure to tax about 300 billion dollars of the remaining imports, thus affecting all products from China that are sold in the United States.
Beijing had promised on several occasions over the past few days that it would take the “necessary retaliatory measures”.
“China will never give in to any external pressure, we have the determination and the ability to defend our legitimate rights and interests,” said Geng Shuang, a spokesman for the Beijing Foreign Ministry on Monday.
“We have said repeatedly: the increase in customs duties will not solve any problem,” he stressed at a press conference, in which he advocated “an agreement for mutual benefit.”
Before the measures announced Monday in Beijing, almost all of the American products were already overcrowded in China.
This affected an amount of 110 billion dollars over an annual total of 120 billion imports from the United States.

 

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