China has just announced its promised retaliatory action after President Trump's tariff hike.
China said on Monday it will raise tariffs from 10 percent to 25 percent on $60 billion of U.S. goods beginning on June 1, per CNBC. This comes after President Trump last week raised tariffs from 10 percent to 25 percent on $200 billion of Chinese goods.
China had previously vowed to respond as Trump also threatened to impose additional tariffs on $300 billion of Chinese goods. Trump, who said on Friday there is "absolutely no need to rush" on a trade deal with China, on Monday warned China against retaliation, tweeting that the situation "will only get worse!" Brendan Morrow
The Week
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