China Hits Back at US with Retaliatory Sanctions
On 14th May, China announced that it would raise tariffs on $60 billion worth of U.S. goods from June 1, in retaliation to the latest round of U.S. tariff hikes and its plans to target almost all Chinese imports.
- A total of 5140 U.S. products will be subjected to additional tariffs of 5%, 10%, 20% and 25% starting June 1.
- US believes that China has taken advantage of the US economy for years, mainly by stealing intellectual property and displacing millions of American jobs therefore the tariffs would force China to curb its unfair trade practices.
Failed trade talks:
- On 10th ....
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