China Will Raise Tariffs on $60B of U.S. Goods June 1

China plans to raise tariffs on $60 billion of U.S. goods as retaliation to the U.S. decision to hike tariffs on Chinese goods, the Chinese Finance Ministry announced May 13.

Beijing will increase tariffs on more than 5,000 products to as high as 25%, and duties on other goods will increase to 20%.

According to CNBC.com, the Chinese Finance Ministry’s retaliation announcement shot down major U.S. stock indexes more than 2% May 13.

The U.S. announced May 8 that it would raise tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent as of May 10. New passenger, truck and bus radials are on the list as well as ag, construction and mining tires and their retread equivalents. Tire-related materials, including tire cord fabric of various materials and rubber innertubes, also made the list.

President Donald Trump tweeted May 13 that Chinese President Xi should make a deal with the U.S., or “companies will be forced to leave China for other countries … You had a great deal, almost completed, & you backed out!”

McCarthy Tire Service recently opened a new in-house commercial wheel refinishing facility. According to the company, the facility has the ability to refinish over 1,000 wheels per day and technicians will utilize equipment for inspection, surface preparation, pre-treatment, and automated coating techniques at the facility.

“We're thrilled to unveil this wheel refinishing facility,” John McCarthy Jr., president of McCarthy Tire Service said. “This investment reflects our dedication to providing our customers with unparalleled efficiency and a one-stop shop for all their commercial tire and wheel needs. By streamlining the refinishing process, we can help fleets minimize downtime and maximize productivity.”