The Chinese Ministry of Commerce announced on Tuesday that the country will retaliate against Trump’s new tariffs with its own 5-10 percent levies on $60 billion of US goods. The tariffs will be kick in on September 24.
The announcement came shortly after the US President Donald Trump revealed additional tariffs on around $200 billion in Chinese goods. The US tariffs will come into effect on September 24, set at a level of 10 percent until the end of the year. From January 1, 2019, the tariffs will be reportedly raised to 25 percent.
“The US insists on increasing tariffs, which brings new uncertainty to the consultations between the two sides. It is hoped that the US will recognize the possible negative consequences of such actions and take convincing means to correct them in a timely manner,” the ministry said in a statement.