China retaliates on US$ 60 bn of US exports

Retaliating to the U.S. government’s decision to increase tariffs on US$ 200 billion worth of Chinese goods from 10% to 25%, China will hike tariffs on US$ 60 billion worth of US goods from June 1, 2019. These tariffs will vary between 5% & 25%, according to Tariff Policy Commission of the State Council, China.

Owing to the lopsided nature of this trade, Washington accuses Beijing of indulging in unfair trade practices, which have resulted in an unfavourable balance of payments for the US. China, on the other hand, accuses the US of protectionism.

Optimists would still hope for an improvement in this situation when US President Donald Trump, and Chinese President, Xi Jinping meet during the G20 summit to try and iron out their differences on trade.