BEIJING – The Chinese government on Friday announced plans to impose tariffs on an additional $60 billion of U.S. imports as a response to the Trump administration’s recent announcement that it would raise tariff rates to 25% on $200 billion of Chinese imports.

A statement on China’s Ministry of Commerce website stated that, “Recently, on the basis of the announcement of the 10% tariff list for China's $200 billion exported to the United States, the U.S. has proposed raising the tax rate from 10% to 25%. In this regard, China has decided to impose tariffs on the approximately 60 billion U.S. dollars of products imported from the United States in accordance with the four different tax rates.”

The rates would range from 5% to 25%, depending on which of four announced lists of goods the items would fall. Many of the tariffs would be on agricultural products, metals and chemicals, according to multiple news reports.

Stay tuned for updates on this breaking story.

(Source: Furniture Today)