China to raise tariffs on US$60 billion of US goods in trade war escalation

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China has announced it will impose higher tariffs on US$60 billion worth of US goods by June 1, 2019, raising duties to as high as 25 per cent from an original 10 per cent. The decision followed a US decision to impose a tariff hike on Chinese imports from May 9. The US tariff increase came amid the latest round of trade talks, which ended without a trade deal between the world’s two largest economies.

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