The Chinese Foreign Ministry warned of retaliatory measures after Washington increased tariffs on about $200 billion worth of Chinese imports from 10% to 25%.
According to the Chinese Finance Ministry, 10-25% on import duties for different groups of US goods will come into effect on 1 June. In total, 5,410 US products will be affected by the tariffs.
Tariff hikes on all remaining US imports from China, are valued at around $300 billion.
US Economic Adviser Larry Kudlow said in an interview that both sides will suffer because of the new trade restrictions. Especially the consumers who will end up paying for the results of the economic war.
The economic conflict between the two states started a year ago after the US regime imposed duties on Chinese steel imports. After that, Washington and Beijing repeatedly slapped billions of dollars’ worth of retaliatory tariffs on each other.
Sputnik / ABC Flash Point WW III News 2019.