China Retaliates with Tariffs on $60 Billion in U.S. Goods
China will hike tariffs on roughly $60 billion in U.S. imports, a retaliation against the Trump administration’s decision to increase duties on shipments of Chinese goods to America as the two nations continue discussions on a trade deal.
Poised to affect over 5,000 U.S. products, the tariffs will range to as high as 25 percent, up from between 5 and 10 percent currently, and take effect on June 1.
Earlier in the day on Monday, President Trump warned China against the retaliatory maneuver, tweeting that it “will only get worse!”
The White House is also starting work to impose tariffs on an additional $325 billion in shipments, effectively covering all trade from the Asian nation after China allegedly back-tracked on previously agreed upon terms for the trade deal.
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