China announces it will raise tariffs on $60 billion worth of US goods beginning June 1, escalating a trade war between the world’s two largest economies
China hiked tariffs on $60 billion of imports from the United States. It first imposed the tariffs last year.Worries over the escalation of the trade spat with China just aren't going away.US stocks opened sharply lower. The S&P 500 fell 2% and the Nasdaq dropped 2.7%. The Dow was more than 590 points lower.Last week, tensions escalated between Washington and Beijing, starting with a tweet from President Donald Trump on Sunday, May 5.
Read MoreStocks recovered on Friday after Trump and Treasury Secretary Steven Mnuchin called last week's talk with Chinese negotiators"constructive." Still, the Dow ended the week 2.1% lower, making its worst week since March.Over the weekend, Trump tweeted extensively about the trade spat, calling US companies to produce goods domestically to avoid tariffs and that a trade deal will get worse for China if negotiations dragged on past the presidential election in 2020.
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