Trade face-off: China slams $60bn worth of tariffs on US in retaliation

China slapped $60bn-worth of tariffs on American goods on Tuesday in retaliation for new tariffs announced by the United States.

US President Donald Trump said a day earlier he will impose 10 percent tariffs on about $200bn-worth of Chinese products.

“China is forced to respond to US unilateralism and trade protectionism, and has no choice but to respond with its own tariffs,” the finance ministry said in a statement on Tuesday.

The tit-for-tat measures are the latest escalation in an ongoing trade dispute between the world’s two largest economies.

China had previously vowed to introduce corresponding tariffs for any US measures, but has reduced the volume of tariffs it will collect on US products.

The rates will be levied at five to 10 percent, instead of the previously proposed five, 10, 20 and 25 percent rates, according to the Chinese finance ministry’s website.

The new measures will take effect on September 24 to coincide with the date the US will begin collecting the tariffs announced on Monday.

Trump warned tariffs would increase to 25 percent on January 1 unless the two countries reach a deal on trade.

In a statement on Monday, the US president said any retaliatory measures from China would force the US to “immediately pursue phase three, which is tariffs on approximately $267bn of additional imports”.

China’s finance ministry said it will respond accordingly if the US further increases tariffs, according to Aljazeera TV.

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