China will raise tariffs on $60 billion in U.S. goods in retaliation for the U.S. decision to hike duties on Chinese goods. Beijing will increase the tariffs to 25% from 10% on June 1, the Chinese Finance Ministry said Monday.
It follows President Donald Trump’s decision to raise duties on $200 billion in Chinese products to 25% from 10% as the world’s two largest economies struggle to ink a new trade deal.
The action raises the stakes in a widening trade conflict that has rattled investors and threatened to damage the global economy. U.S. stock futures signaled a sharp drop Monday morning amid the escalation.
Breaking: China will raise tariffs on certain U.S. imports, effective June 1. U.S. stock futures point to a steep drop at the open. https://t.co/1a1R78o7YD
— The Wall Street Journal (@WSJ) May 13, 2019
BREAKING: Futures extend drop, with Dow futures lower by more than 470 points, after China reportedly retaliates with tariff hikes https://t.co/toYyNAxqjh
— CNBC Now (@CNBCnow) May 13, 2019