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China raises tariffs on US goods amid esclating tensions

Beijing, June 1: China on Saturday increased tariffs on billions worth of US goods as it prepares to unveil a blacklist of “unreliable” foreign companies that analysts say aims to punish US and foreign firms cutting off supplies to telecoms giant Huawei.

Beijing's move hits $60 billion worth of US goods with new punitive tariffs ranging from five to 25 percent, and comes in retaliation for Washington raising punitive tariffs on $200 billion in Chinese goods to 25 percent.

Washington and Beijing resumed their trade battle last month when trade talks in the US ended without a deal, with American negotiators accusing Chinese negotiators of reneging on previous commitments.
The countries have exchanged tariffs on $360 billion in two-way trade so far.

The tit-for-tat tariff war has been upstaged in recent weeks by Washington's move to blacklist Chinese tech giant Huawei over national security concerns, threatening the firm's global ambitions.

The US Commerce Department placed Huawei on an “entity list” on grounds of national security on May 16, a move that curbs its access to US-made components it needs for its equipment. A 90-day reprieve was later issued.

Hitting back, China's commerce ministry said Friday it would release its own list of “unreliable entities” that break their commercial contracts and stop supplying Chinese firms.

“For China's countermeasures, what we say, we do,” said anchor Kang Hui on Chinese state-broadcaster CCTV's primetime news show that aired across multiple Chinese stations Friday.

“Talk and our door is open. Fight, and we'll fight to the end,” said Kang.

 

(AFP/APP)

Posted on: 2019-06-01T11:35:00+05:00

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