China fires back at the US with new tariffs on thousands of American products

• China said on Monday it would levy new duties on thousands of American products.
• That came days after the US hiked tariff rates on $200 billion worth of Chinese imports.
• The tariffs are set to take effect on June 1. 
• Visit Markets Insider's homepage for more stories.

China said on Monday it would levy new duties on thousands of American products, days after the US hiked tariff rates on $200 billion worth of Chinese imports.

China's Ministry of Finance said it will impose a 25% tariff on 2,493 goods starting June 1, according to Bloomberg. Nearly 1,100 products will be subject to a 20% duty, while more than 1,000 will face an import tax of between 5% and 10%.

This story is developing. Check back for updates.

Here's a timeline of the US-China trade war so far:

• March 1, 2018: President Donald Trump announces tariffs on all imports of steel and aluminum, including metals from China.
• March 22, 2018: Trump announces plans to impose 25% tariffs on $50 billion worth of Chinese goods. China announces tariffs in retaliation to the steel and aluminum duties and promises a response to the latest US announcement.
• April 3, 2018: The US trade representative announces a list of Chinese goods subject to the tariffs. There is a mandatory 60-day comment period for industries to ask for exemptions from the tariffs.
• April 4, 2018: China rolls out a list of more than 100 US goods worth roughly $50 billion that are subject to retaliatory tariffs.
• May 21, 2018: After a meeting, the two countries announce the outline of a trade deal to avoid the tariffs.
• May 29, 2018: The White House announces that the tariffs on $50 billion worth of Chinese goods will move forward, with the final list of goods released June 15. The move appears to wreck the nascent trade deal.
• June 15, 2018: Trump rolls out the final list of goods subject to new tariffs. Chinese imports worth $34 billion would be subject to the new 25% tariff rate as of July 6, with another $16 billion worth of imports subject to the tariff at a later date. China retaliates with an equivalent set of tariffs.
• June 18, 2018: Trump threatens 10% tariffs on another $200 billion worth of Chinese goods.
• July 6, 2018: The first tranche of tariffs on $34 billion worth of Chinese goods takes effect; China responds in kind.
• July 10, 2018: The US releases an initial list of an additional $200 billion worth of Chinese goods that could be subject to 10% tariffs.
• August 1, 2018: Washington more than doubles the value of its tariff threats against Beijing, announcing plans to increase the size of proposed duties on $200 billion worth of Chinese goods to 25% from 10%.
• August 3, 2018: China says it will impose tariffs of various rates on another $60 billion worth of US goods if Trump moves forward with his latest threat.
• August 7, 2018: The US announces that the second tranche of tariffs, which would hit $16 billion worth of Chinese goods, will take effect August 23.
• August 23, 2018: The US imposes tariffs on another $16 billion worth of Chinese goods, and Beijing responds with tariffs on $16 billion worth of US goods.
• September 7, 2018: Trump says the tranche of tariffs on $200 billion worth of Chinese goods is coming "soon" and threatens to impose tariffs on another $267 billion worth of Chinese goods.
• September 17, 2018: The US imposes tariffs on $200 billion worth of Chinese goods, and the tariff rate is scheduled to increase to 25% from 10% on January 1.
• December 1, 2018: Trump and Chinese President Xi Jinping sit down at the G20 summit in Argentina, where the two leaders hash out a trade truce, delaying the escalation of US tariffs until March 1.
• December 4, 2018: Despite the truce, Trump tweets that he is still a "Tariff Man" and says a deal will get done only if it is in the best interest of the US.
• February 24: After a series of negotiations, Trump announces that US tariffs will not increase on March 1. He delays the increase indefinitely.
• May 5: After apparent progress in talks, Trump suddenly threatens to raise tariffs to 25% within the week and threatens new tariffs on another $325 billion of Chinese goods.

Join the conversation about this story »

NOW WATCH: How Italian Gorgonzola cheese is made