China To Hike Tariffs On $60 Billion Of US Goods

Beijing: China on Monday said it will impose tariffs on $60 billion of US goods from June 1 in retaliation for Washington’s decision to hike duties on Chinese goods. Beijing will increase the tariffs to 25 per cent from 10 per cent on June 1, the Chinese Finance Ministry was cited as saying by CNBC. The development raises the stakes in a widening trade conflict that has rattled investors and threatened to damage the global economy. US stock futures signalled a sharp drop on Monday morning amid the escalation. (IANS)

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