Fri | Jul 19, 2019

US hikes tariffs on Chinese goods, Beijing vows retaliation

Published:Friday | May 10, 2019 | 9:28 AM
This April 23, 2017, photo released by Xinhua News Agency, shows a container dock of Yangshan Port in Shanghai, east China. U.S. President Donald Trump's latest tariff hikes on Chinese goods took effect Friday, May 10, 2019 and Beijing said it would retaliate, escalating tensions in fight over China's technology ambitions and other trade strains. (Ding Ting/Xinhua via AP)

BEIJING (AP) — President Donald Trump’s latest tariff hike on Chinese goods took effect Friday and Beijing said it would retaliate, escalating a battle over China’s technology ambitions and other trade tensions.

The Trump administration raised duties on $200 billion of Chinese imports to 25% from 10%. China’s Commerce Ministry said it would impose “necessary countermeasures” but gave no details.

The increase went ahead even after American and Chinese negotiators began more talks in Washington aimed at ending a dispute that has disrupted billions of dollars in trade and shaken global financial markets.

“The risk of a complete breakdown in trade talks has certainly increased,” said Michael Taylor of Moody’s Investors Service in a report.

American officials accuse Beijing of backtracking on commitments made in earlier rounds of negotiations.

The talks were due to resume Friday after wrapping up Thursday evening with no word on progress.

“China deeply regrets that it will have to take necessary countermeasures,” said a Commerce Ministry statement.

Shares in Asia were mixed Friday amid renewed investor jitters that global growth might suffer in the battle between the two biggest economies and international traders.

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