China to Raise Tariffs on $60 Billion of US Goods
China to Raise Tariffs
on $60 Billion of US Goods Tariffs on more than 5,000 products
will be raised in retaliation for the
U.S. hike on Chinese goods.
The tariff hike, which is high as
25% on some products, will
go into effect on June 1.
A 20% hike in duties heavily
targets farmers who raise poultry,
peanuts, wheat and sugar.
Recently, U.S. President Donald Trump
raised tariffs on Chinese products from 10% to 25%.
Following the announcement
from Beijing, stocks indexes
plunged more than 700 points.
Recent trade talks between the
U.S. and China ended without a deal.
Treasury Secretary Steve Mnuchin
says negotiations between the
two countries are ongoing.