BEIJING (AP) – China raised import duties on a $3 billion list of U.S. pork, fruit and other products Monday in an escalating tariff dispute with President Donald Trump that companies worry might depress global commerce.
The Finance Ministry said it was responding to a U.S. tariff hike on steel and aluminum that took effect March 23. But a bigger clash looms over Trump’s approval of possible higher duties on nearly $50 billion of Chinese goods in a separate argument over technology policy.
The tariff spat is one aspect of wide-ranging tensions between Washington and Beijing over China’s multibillion-dollar trade surplus with the United States and its policies on technology, industry development and access to its state-dominated economy.
Forecasters say the immediate impact should be limited, but investors worry the global recovery might be set back if it prompts other governments to raise import barriers. Those fears temporarily depressed financial markets, though stocks have recovered some of their losses.
On Monday, stock market indexes in Tokyo and Shanghai were up 0.5 percent at midmorning.