China to Raise Tariffs on $60 Billion of US Goods

Credit: Wibbitz Studio
Published on May 14, 2019 - Duration: 01:03s

China to Raise Tariffs on $60 Billion of US Goods

China to Raise Tariffs on $60 Billion of US Goods Tariffs on more than 5,000 products will be raised in retaliation for the U.S. hike on Chinese goods.

The tariff hike, which is high as 25% on some products, will go into effect on June 1.

A 20% hike in duties heavily targets farmers who raise poultry, peanuts, wheat and sugar.

Recently, U.S. President Donald Trump raised tariffs on Chinese products from 10% to 25%.

Following the announcement from Beijing, stocks indexes plunged more than 700 points.

Recent trade talks between the U.S. and China ended without a deal.

Treasury Secretary Steve Mnuchin says negotiations between the two countries are ongoing.

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