China raises tariffs on U.S goods

China on Saturday increased tariffs on billions of dollars’ worth of U.S. goods as it prepares to unveil a blacklist of “unreliable” foreign companies that analysts say aims to punish U.S. and foreign firms cutting off supplies to telecoms giant Huawei.

Beijing’s move hits 60 billion dollars worth of U.S. goods with new punitive tariffs ranging from 5 per cent  to 25 per cent, and comes in retaliation for Washington raising punitive tariffs on 200 billion  dollars in Chinese goods to 25 per cent.

Washington and Beijing resumed their trade battle last month when trade talks in the U.S. ended without a deal, with American negotiators accusing Chinese negotiators of reneging on previous commitments.

The countries have exchanged tariffs on 360 billion dollars in two-way trade so far.

-Agency report