Beijing Imposes Tariffs On US$60bn Of Imports

Beijing has announced new tariffs on goods imports worth US$60 billion from the United States.

Beijing will impose tariffs ranging from 5 per cent to 25 per cent on a number of American goods from June 1, according to a statement by the Tariff Policy Commission of the State Council.

The response was announced after Trump on Monday warned Beijing not to retaliate.

"China should not retaliate-will only get worse!" the US president wrote in a series of tweets on trade.

But Beijing also appeared to dig in.

"China will never surrender to external pressure," foreign ministry spokesman Geng Shuang said at a regular briefing on Monday.

Global markets remain on red alert over a trade war between the two superpowers that most observers have warned could shatter global economic growth, and hurt demand for commodities like oil.

The latest round of trade negotiations between the world's top two economies ended on Friday without a deal, with US President Donald Trump increasing tariffs on US$200 billion worth of Chinese goods to 25 per cent and ordering the start of a process to impose new duties on another US$300 billion worth of items. (AFP)

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