Beijing, May 10: The US on Friday has more than doubled tariffs on $200 billion worth of Chinese products from 10 per cent to 25 per cent, in a sharp escalation of their damaging trade war, the Chinese government has confirmed.
“The US has raised the tariff on $200 billion of Chinese exports to the US from 10 per cent to 25 per cent,” China’s Commerce Ministry said on its website.
“It is hoped that the US and the Chinese side will work together… to resolve existing problems through cooperation and consultation.”
China said it “deeply regrets” the move and will have to take “necessary counter-measures”, the BBC reported.
The move comes as high-level officials from both sides are attempting to salvage a trade deal in Washington.
Chinese stock markets were little changed after the deadline passed, with the Hang Seng index trading up 0.6 per cent and the Shanghai Composite 1.5 per cent higher.
The market took a beating earlier this week after US President Donald Trump flagged the tariff hike on Sunday.