(NBC News) China will raise tariffs on $60 billion in U.S. goods in retaliation to President Trump’s decision to hike duties on Chinese goods.
Beijing will increase tariffs on more than 5,000 products to as high as 25 percent, the Chinese Finance Ministry said Monday. Duties on some other goods will increase to 20 percent. Those rates will rise from either 10 percent or five percent previously.
Last week, President Trump raised duties on $200 billion in Chinese products to 25 percent from 10 percent. The world’s two largest economies have struggled to ink a trade deal and end a widening trade conflict that threatens to damage the global economy. Right now, there are no plans for the two countries to meet.
When asked about the new Chinese tariffs Monday, Mr. Trump said “I love the position we are in.”
The news rattled stock markets, with with the Dow Jones Industrial Average falling by more than 700 points at its session low in response.
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