China Hits Back With New Tariffs On $60B In US Goods

CNBC reports:

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.