The daily business briefing: May 14, 2019

The U.S. and China announce more tit-for-tat tariffs, jury awards $2 billion to couple blaming cancer on Roundup weedkiller, and more

Monsanto's Roundup product
(Image credit: Getty Images)

1. U.S., China announce more tit-for-tat tariffs

The Trump administration targeted another $300 billion in Chinese goods for possible tariff hikes after China said Monday it would raise levies on $60 billion worth of U.S. goods starting June 1. China's move was retaliation for President Trump's decision to raise levies on $200 billion worth of Chinese imports. China said its tariffs on more than 5,000 products would rise to 20 percent or 25 percent, up from 5 percent or 10 percent. The intensifying trade tensions between the world's two largest economies came after Trump accused Beijing of reneging on commitments in a draft trade deal. The dispute shook markets. The three main U.S. stock indexes fell more than 2 percent. Both sides said they would keep talking about ending the dispute.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.