China hits back at Trump with tariffs on $60b of US goods

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BBC :
China has hit back at President Donald Trump by imposing new trade tariffs on $60bn of American goods.
It comes after the US slapped duties on $200bn of Chinese imports on Monday, escalating its trade war with Beijing.
China is expected to target American goods such as liquefied natural gas, which are produced in states loyal to the US president.
However, in a tweet Mr Trump warned Beijing against seeking to influence the upcoming US midterm elections.
“There will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted!” he said.
Earlier he had suggested that this would mean further US tariffs on another $267bn worth of Chinese products. Such a move would mean almost all of China’s exports to the US would be subject to new duties.
The Chinese commerce ministry said it would impose its tariffs from 24 September – the date the US duties come into effect – but at lower rates than previously expected.
The tariff rates will be levied at 5% and 10%, instead of the previously proposed rates of 5%, 10%, 20% and 25%.
By contrast, the US duties will apply to almost 6,000 items, making them the biggest round of trade tariffs yet from Washington.
They will affect handbags, rice and textiles, although some items such as smart watches and high chairs have been exempted.
They will start at 10% and increase to 25% from the start of next year unless the two countries agree a deal.

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