China Is Raising Tariffs On $60 Billion Of US Goods Starting June 1

(CNBC) Jacob Pramuk May 13 2019 China will raise tariffs on $60 billion in U.S. goods in retaliation for the U.S. decision to hike duties on Chinese goods the Chinese Finance Ministry said Monday. Beijing will increase tariffs on more than 5000 products to as high as 25. Duties on some other goods will increase to 20. Those rates will rise from either 10 or 5 previously. The move follows President Donald Trumps decision to raise duties on $200 billion in Chinese products to 25 from 10. The worlds two largest economies have struggled to sign a trade deal and end a widening conflict that threatens to damage the global economy. The latest shot in the trade war rattled investors. Major U.S. stock indexes dove more than 2 Monday amid the escalation. The duties in large part target U.S. farmers who largely supported Trump in 2016 but suffered from previous shots in the Trump administrations trade war with China. The thousands of products include peanuts sugar wheat chicken and turkey. Neither the White House nor the Treasury Department immediately responded to CNBCs requests to comment on the tariff increase.