By Jessica Domel
Despite U.S. President Donald Trump’s warning Monday morning, the People’s Republic of China announced its intent to raise tariffs on thousands of U.S. exports June 1.
The move is in response to the U.S. raising the tariff on $200 billion in Chinese exports to the U.S. from 10 to 25 percent Friday, May 10, according to the Chinese Ministry of Finance.
“China deeply regrets that it will have to take necessary countermeasures,” the ministry said.
According to Reuters, China intends to increase tariffs on $60 billion in U.S. exports to 20 and 25 percent, affecting about 5,100 products.
“China’s adjustment on additional tariffs is a response to U.S. unilateralism and protectionism,” the ministry said.
The tariffs will be weighed on a scale with 25 percent duties on 2,493 items, 20 percent on 1,078, 10 percent on 974 items and 5 percent on 595 exports from the U.S.
The Chinese Ministry of Finance announced its plan shortly after Trump tweeted China would be hurt if a trade deal is not reached “because companies will be forced to leave China’s or other countries.”
“Too expensive to buy in China,” the president tweeted. “You had a great deal, almost completed, and you backed out!”
The U.S. increased its tariffs on Chinese exports Friday. May 10, after Chinese officials reportedly deleted items from a draft trade agreement the two sides had already agreed to.
According to Reuters, omitted items include commitments on that of U.S. intellectual property and trade secrets, forced technology transfer and currency manipulation.
Trump has directed the U.S. Trade Representative to move forward with plans to levy tariffs on the remaining $300 billion Chinese exports to the U.S.
The tariff announcements come on the heels of the 11th round of trade negotiations between the two countries.