Beijing's move hits $60 billion worth of US goods with new punitive tariffs ranging from five to 25 percent, and comes in retaliation for Washington raising punitive tariffs on $200 billion in Chinese goods to 25 percent. The countries have exchanged tariffs on $360 billion in two-way trade so far. China's state-owned tabloid the Global Times said the new list would "work as deterrent forming a protective barrier around Chinese companies". China responded by increasing tariffs five percent to 25 percent on 5,410 American products Saturday, worth $60 billion in trade. Washington's tariffs appear to have already had an impact on Chinese manufacturing activity, which contracted more than expected last month.

Source: The Nation Bangkok June 01, 2019 05:37 UTC