China's rates will target a number of American imports with tariffs rising to as high as 25%, according to a statement by China's cabinet.
BEIJING - China said on Monday it will raise tariffs on $60 billion worth of US goods from 1 June, in retaliation for the latest round of US tariff hikes and Washington's plans to target almost all Chinese imports.
"China's adjustment of tariff-adding measures is a response to US unilateralism and trade protectionism," the statement said, adding that it hoped the US would work with China towards a "win-win agreement". "China should not retaliate-will only get worse!" the US president wrote in a series of tweets on trade."China will never surrender to external pressure," foreign ministry spokesperson Geng Shuang said at a regular briefing on Monday.
Beijing is the biggest holder of US debt, and Bloomberg News estimated last year that the Chinese state held around $1.2 trillion's worth. "As for the trade war launched by the US side, China has long expressed that it is unwilling to fight, but it is not afraid to fight, and it has to fight when necessary," China's main broadcaster, the state-run CCTV, added.
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