(BEIJING) — Deepening a trade battle and sending financial markets spinning, China announced Monday it was raising tariffs on $60 billion of U.S. goods in retaliation for the latest hike in U.S. tariffs on its exports.
The Finance Ministry said Monday the new penalty duties of 5% to 25% on hundreds of U.S. products including batteries, spinach and coffee will take effect June 1.
That followed Trump’s increase on Friday of duties on $200 billion of Chinese imports from 10% to 25% after charging that China had backtracked on commitments it made in earlier negotiations in a dispute over Beijing’s technology ambitions and perennial trade surplus.
Resuming his messages over Twitter early Monday, President Donald Trump warned Chinese President Xi Jinping (shee jihn-peeng) that China “will be hurt very badly” if it doesn’t agree to a trade deal.
Trump tweeted China “had a great deal, almost completed, & you backed out!”
Trump insisted the tariffs the U.S. has placed on Chinese goods don’..