BEIJING – China on Saturday increased tariffs on billions of dollars worth of US goods as it prepares to unveil a blacklist of ldquounreliable
BEIJING – China on Saturday increased tariffs on billions of dollars’ worth of U. S. goods as it prepares to unveil a blacklist of “unreliable” foreign companies that analysts say aims to punish U. S. and foreign firms cutting off supplies to telecoms giant Huawei.
Beijing’s move hits $60 billion worth of U. S. goods with new punitive tariffs ranging from 5% to 25%, and comes in retaliation for Washington raising punitive tariffs on $200 billion in Chinese goods to 25%.
Washington and Beijing resumed their trade battle last month when trade talks in the U. S. ended without a deal, with American negotiators accusing Chinese negotiators of reneging on previous commitments.
The countries have exchanged tariffs on $360 billion in two-way trade so far.
Blacklisting Huawei
The tit-for-tat tariff war has been upstaged in recent weeks by Washington’s move to blacklist Chinese tech giant Huawei over national security concerns, threatening the firm’s global ambitions.
The U. S. Commerce Department on May 16 placed Huawei on an “entity list” on grounds of national security, a move that curbs its access to U. S.-made components it needs for its equipment. A 90-day reprieve was later issued.
Hitting back, China’s commerce ministry said Friday it would release its own list of “unreliable entities” that break their commercial contracts and stop supplying Chinese firms.
“For China’s countermeasures, what we say, we do,” said anchor Kang Hui on Chinese state-broadcaster CCTV’s primetime news show that aired across multiple Chinese stations Friday.
