China announces tariff retaliation to take effect on June 1

China has announced that it will increase tariffs on about 60 billion USD of US goods starting June 1.

Beijing announced a new 25% tariff on almost 2,500 American products, according to Bloomberg. Reuters, quoting the Chinese Finance Ministry, said 5,140 US products will be subject to various tariff rates. The move follows US President Donald Trump's decision to raise duties on 200 billion USD of Chinese products from 10% to 25%. Trump asked US Trade Representative Robert Lighthizer to begin imposing 25% tariffs on 325 billion USD in Chinese goods in case a trade deal can't be reached. Trump said Americans will not be affected by his tariff decision.

In related news, the US Commerce Department said on Monday it has banned six Chinese technology firms from exporting sensitive US technologies and other goods.

Source: VOV5