US raises tariffs on $200bn of Chinese products

Friday, 10 May 2019 09:38

There’s been a sharp escalation in the trade war between China and the USA.

The US has announced that it will double tariffs on AED 734.5 billion ($200 billion) worth of Chinese products with taxes on those goods rising 25% from 10%.

Unsurprisingly, Beijing has vowed to retaliate to the new measures.

In a statement, Chinese officials say they “deeply regret" the move and that they will take "necessary counter-measures."

The ongoing trade war between the two countries has played havoc with the global economy.

More from Business

UAE advances agentic AI project targeting 50% of government operations

The UAE has launched the strategic phase of its agentic AI project, which aims to convert 50 per cent of federal government operations, services and tasks to AI-driven models within two years.
Dubai Business Forum – China to be held in Shenzhen in October

Dubai Chambers will host the Dubai Business Forum – China in Shenzhen on October 14, bringing together government officials, business leaders and investors from the two markets.
UAE-BRICS non-oil trade tops $312 billion

UAE Minister of Foreign Trade Dr Thani bin Ahmed Al Zeyoudi has taken part in a meeting of BRICS trade ministers in Jaipur, India, focused on strengthening trade and economic cooperation between member countries.
ADNOC affirms commitment to meeting customer requirements despite challenges

ADNOC says it remains focused on meeting customer needs despite challenging circumstances, following unprovoked attacks targeting its people and assets.