China’s tariff hikes on US products come into force

Beijing, June 1 (IANS) China on Saturday raised the rate of additional tariffs imposed on US goods worth billions of dollars in retaliation for Washington doubling duties on $200 billion worth of Chinese goods.

Beijing targeted $60 billion worth of US goods with new punitive tariffs ranging from five to 25 per cent, according to a statement from the Customs Tariff Commission of the State Council, cited by Xinhua news agency.

On Friday, China announced plans to blacklist some foreign firms and individuals it deemed harmful to the country's interests.

The Chinese Commerce Ministry said it decided to create an "undesirable entities" list to combat "unilateralism and trade protectionism".

"At present, the world economic development is uncertain and unstable factors are increasing. Unilateralism and trade protectionism are on the rise. The multilateral trading system is facing severe challenges and normal international economic and trade activities are negatively disrupted," the Ministry's spokesman Gao Feng told reporters at a press conference here.

He added that China would blacklist any entities, organisations or individuals who could cause "substantial damage" to Chinese enterprises, as well as any entities that pose a potential threat to China's national security.

China's move mirrors a similar one by US President Donald Trump in May, where he declared a national emergency to protect US computer networks from "foreign adversaries".

The Trump administration then added Huawei to a list of companies that American firms cannot trade with unless they have a licence.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)