China has said it will impose tariffs on 60 billion US dollars of US goods from 1st June, extending a bilateral trade war. The move comes three days after the US more than doubled tariffs on 200 billion US dollars of Chinese imports.
The escalation sent stock markets down, with the Dow Jones Industrial Average closing more than 600 points lower. US President Donald Trump had warned China not to raise levies but Beijing said it would not swallow any “bitter fruit” that harmed its interests.
China has raised tariffs on more than 5,000 US products, with the new rates ranging from 5 per cent to 25 per cent.