US raises tariffs on USD 200 billion of Chinese goods

China said it "deeply regrets" the move and will have to take "necessary counter-measures".

Published: 10th May 2019 10:36 AM  |   Last Updated: 10th May 2019 11:00 AM   |  A+A-

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By IANS

BEIJING: The US on Friday has more than doubled tariffs on $200 billion worth of Chinese products from 10 per cent to 25 per cent, in a sharp escalation of their damaging trade war, the Chinese government has confirmed.

"The US has raised the tariff on $200 billion of Chinese exports to the US from 10 per cent to 25 per cent," China's Commerce Ministry said on its website.

"It is hoped that the US and the Chinese side will work together... to resolve existing problems through cooperation and consultation."

Also read: Trade deal with China still 'possible,' says Donald Trump

China said it "deeply regrets" the move and will have to take "necessary counter-measures".

The move comes as high-level officials from both sides are attempting to salvage a trade deal in Washington.

Chinese stock markets were little changed after the deadline passed, with the Hang Seng index trading up 0.6 per cent and the Shanghai Composite 1.5 per cent higher.

The market took a beating earlier this week after US President Donald Trump flagged the tariff hike on Sunday.

ALSO READ | Donald Trump to hike tariffs on USD 200 billion of Chinese goods



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