China announces retaliatory tariffs on $60 bil. of U.S. products

China on Monday announced retaliatory tariffs on $60 billion worth of U.S. products and said it will increase tariff levels to a maximum 25 percent from the current 10 percent, starting June 1.The Finance Ministry, in a statement issued after unsuccessful talks with Washington, said the tariffs will cover a total of 5,140 U.S. products.The move came after the United States last Friday raised tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent, in the biggest escalation yet in Washington's tit-for-tat trade war with Beijing.Besides the hike, U.S. President Donald Tru…READ FULL ARTICLE