World News: 15:16 GMT Monday 13th May 2019. [Yahoo Business News Feed via SPi World News]
China retaliated on Monday against the Trump administration's recent tariff hike on Chinese goods, saying it will raise tariffs on $60 billion worth of U.S. goods.The new tariffs will range from 5 to 25 percent on hundreds of U.S. products like coffee, batteries, and spinach, according to the Chinese Finance Ministry.The White House raised tariffs on $200 billion of Chinese imports from 10 to 25 percent on Friday after accusing the world's second largest economy of reneging on terms for a trade deal they had previously agreed to. The U.S. also currently has a 25 percent tariff on $50 billion worth of Chinese high-tech products.President Trump pushed back in a series of tweets Monday morning on a claim from his own top advisor that both the U.S. and China will suffer from their tit-for-tat trade battle."The unexpectedly good first quarter 3.2% GDP was greatly helped by Tariffs from China," Trump wrote. "Some people just don’t get it!"The president's remark came after his top economic adviser, Larry Kudlow, said Sunday that "both sides will pay in these things."However, Kudlow added that China's gross domestic product will be hit “with respect to a diminishing export market” and that “this is a risk we should and can take without damaging our economy in any appreciable way.”"Their [sic] is no reason for the U.S. Consumer to pay the Tariffs, which take effect on China today," he said, adding that businesses and consumers can completely avoid the tariffs by buying from a country that does not impose them, such as the U.S.Trump also warned China not to continue retaliating as it will only hurt their economy."China has taken so advantage of the U.S. for so many years, that they are way ahead (Our Presidents did not do the job)," he added. "Therefore, China should not retaliate-will only get worse!"
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