China announces retaliatory tariffs on US products

China has announced it will raise tariffs on 75 billion dollars of US products in retaliation for President Donald Trump’s planned September 1 duty increase in a war over trade and technology policy.

The official Xinhua News Agency said on Friday the tariffs of 10% and 5% take effect on two batches of goods on September 1 and December 15 but gave no details on what imports would be affected.

China Financial Markets
A Chinese investor walks past electronic display boards at a stock brokerage house in Beijing (Mark Schiefelbein/AP)

Mr Trump previously announced plans to raise tariffs on an additional 300 billion US dollars of Chinese imports on September 1 but postponed a portion of that to December 15.

China’s government appealed to Mr Trump this week to compromise in deadlocked talks aimed at settling the dispute that has battered exporters on both sides and threatens to tip the global economy into recession.

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