China has just announced it will hit the U.S. with tariffs on $60 Billion of U.S. goods in a dramatic escalation of the trade war.
(BEIJING) — Deepening its trade battle with the U.S. and sending financial markets spinning, China announced tariff hikes Monday on $60 billion of American goods in retaliation for President Donald Trump’s latest penalties on Chinese products.
Punitive charges of 5% to 25% on thousands of American products including batteries, spinach and coffee will take effect June 1, the Finance Ministry said. That extends Chinese duty increases to $110 billion of imports from the United States.
The announcement followed an increase of U.S. duties on $200 billion of Chinese imports to 25% from 10% in the increasingly bitter dispute. American officials have accused China of backtracking on commitments they say it made in earlier negotiations.
On Twitter, Trump warned Chinese President Xi Jinping (shee jihn-peeng) his country “will be hurt very badly” if it doesn’t agree to a trade deal.
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