U.S., China announce more tit-for-tat tariffs

GP: Soybean Imports In Nantong, China 180806

Soybean meal in a dockyard in Nantong in east China’s Jiangsu province, Aug. 06, 2018. Feature China | Barcroft Media | Getty Images

The Trump administration has targeted another $300 billion in Chinese goods for possible tariff hikes after China said Monday it would raise levies on $60 billion worth of U.S. goods starting June 1.

China’s move was retaliation for President Trump’s decision to raise levies on $200 billion worth of Chinese imports.

China said its tariffs on more than 5,000 products would rise to 20 percent or 25 percent, up from 5 percent or 10 percent. The intensifying trade tensions between the world’s two largest economies came after Trump accused Beijing of reneging on commitments in a draft trade deal.

The dispute shook markets, sending the three main U.S. stock indexes falling more than 2 percent on Monday.

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