China announces tariff hike on 75 billion of US products

BEIJING — China has announced it will raise tariffs on $75 billion of U.S. products in retaliation for President Donald Trump’s planned Sept. 1 duty increase in a war over trade and technology policy.The official Xinhua News Agency said Friday the tariffs of 10% and 5% take effect on two batches of goods Sept. 1 and Dec. 15 but gave no details on what imports would be affected.Trump previously announced plans to raise tariffs on an additional $300 billion of Chinese imports on Sept. 1 but postponed a portion of that to Dec. 15.China’s government appealed to Trump this week to compromise in deadlocked talks aimed at settling the dispute that has battered exporters on both sides and threatens to tip the global economy into recession.The Associated Press read more