China announces tariffs on U.S. goods after Trump warns against retaliation

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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