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China ups tariffs on $60B in U.S. goods

May 15, 2019

Deepening its trade war with the U.S. and sending world financial markets into a slide, China announced higher tariffs Monday on $60 billion worth of American goods in retaliation for President Donald Trump's latest penalties on Chinese products. Tariffs of 5% to 25% will take effect on June 1 on about 5,200 American products, including batteries, spinach and coffee, the Finance Ministry said.