China hits back with $60bn tarrifs on US goods as trade war escalates

Asian giants China has announced a retaliatory tax increase on $60bn worth of American imports in a tit-for-tat move which escalates an already festering trade war between both countries.

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

China also announced it was lodging a new complaint at the World Trade Organization in its tariffs battle with the United States.

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The move by China is coming hours after President Donald Trump gave the go ahead for the imposition of 10 percent US tariffs on about $200bn worth of Chinese imports.

However, Trump spared some consumer products but warns that US will impose further tariffs on $267bn worth of additional imports if China retaliates.

Trump said in a statement on Monday that the new tariffs will take effect from September 24, saying it will increase to 25 percent on January 1 unless the two countries reach a deal on trade.

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