In May 9, 2019, the US government announced that since May 10, 2019, tariff rates on goods imported from China for 200 billion US dollars have been raised from 10% to 25%.
The US side's measures have led to the escalation of Sino US economic and trade frictions, violating the consensus between China and the United States to resolve trade disputes through consultation, damaging the interests of both sides, and failing to meet the general expectations of the international community. In order to safeguard the multilateral trading system and safeguard its legitimate rights and interests, China has to adjust tariff measures to some imported commodities originating in the United States.
China's opposition to the US has also come out at the same time of the announcement. On the night of May 13th - China announced the promotion of the US tariff rate.
According to the laws and regulations of the People's Republic of China foreign trade law and the People's Republic of China import and export tariff Ordinance and the basic principles of international law, the Customs Tariff Commission of the State Council has decided by the Central Committee of the CPC and the State Council for approval. Since 0 o'clock in June 1, 2019, the tariff rate of US $60 billion has been added to the part of the US products, and the tariff rate has been raised by 25%, 20% or 10% respectively. The 5% tariff will continue to be imposed on the taxable commodities which have imposed 5% tariffs before.
The US $60 billion has already added 25% tariff sanctions to the US goods which have already received tariff clearance. Seemingly asymmetrical, in fact, they are all carefully selected and directly hit the lifeline of the United States.
The bugle that just struck back in China just blew, over there. The US stock market is sad. At the close, U.S. stocks plummeted and Dow fell 617 points, and the NASDAQ fell 3.4%. The biggest decline in the year has been created. Apple fell 5.9%, fell 50 billion dollars overnight, and other stocks were also sad.China's exports to the US amounted to only $600 billion, and the US stock market evaporated nearly $1 trillion.
Overnight, trillions of dollars were destroyed.