US equity markets reeled after China announced that it would raise tariffs on $60bn worth of US goods, hitting back after the Trump administration pushed ahead with new punitive duties on Chinese goods last week.
Beijing said on Monday that it would raise tariffs on a list of almost 2,500 goods to between 10 per cent and 25 per cent starting on June 1.
“China’s adjustment of tariff-adding measures is a response to US unilateralism and trade protectionism,” China’s Ministry of Finance said in a statement.
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