China to increase tariffs, targeting US$60B worth of US products
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E-mail CGTN, May 13, 2019
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China has decided to impose tariffs of 25%, 20% and 10% on certain U.S. products starting June 1, announced the Customs Tariff Commission of the State Council in a statement issued Monday.
The tariffs will be targeting U.S. goods worth US$60 billion, the statement said, adding that the products under 5% tariff cap would not be affected by this round of tariffs.
U.S. stock futures sank following the announcement. At 8:13 a.m. EST, Dow e-minis were down 453 points, or 1.74%. S&P 500 e-minis were down 53.75 points, or 1.86% and Nasdaq 100 e-minis were down 182.75 points, or 2.4%.
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