China to impose $60b tariffs on US goods



China said on Monday it would impose higher tariffs on a range of US goods, striking back in its trade war with Washington shortly after US President Donald Trump warned it not to retaliate. China’s finance ministry said it plans to set import tariffs ranging from 5 percent to 25 percent on 5,140 US products on a target list worth about $60 billion.

It said the tariffs will take effect on June 1. The announcement came less than two hours after Trump warned Beijing not to retaliate after China said it will never surrender to external pressure. The White House and US Trade Representative’s office did not immediately return a request for comment.

Global equities fell sharply on Monday as hopes of an imminent trade deal between the world’s two largest economies were crushed. Major U.S. stock index futures were down about 2 percent

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