China Announces Retaliatory Tariffs Targeting $60 Billion of American Goods

China announces retaliatory tariffs on $60 billion worth of American products just days after President Trump announced a tariff hike on Chinese goods.

The Chinese Finance Ministry made the announcement Monday saying spinach, batteries and coffee could see tariffs ranging from 5% to 25%.

The tariff hike targeting American products is expected to take effect June 1 following months of ongoing negotiations.

President Trump announced a 15% tariff spike last week targeting $200 billion worth of various Chinese goods.

Though American officials have remained optimistic about reaching a trade deal in recent months, they have accused China of trying to renegotiate the deal as it reportedly neared completion.

The president has weighed in on the stalled negotiations via twitter saying though the U.S. is in a better financial situation now, he could make a deal with China tomorrow if they would not abandon their commitments.

President Trump continued by touting his relationship with Chinese President Xi Jinping, though he clarified the deal has to be great for the U.S. or it will not happen.

Officials have clarified though there is no deal just yet, talks in the future are likely in an effort to reach an agreement.

The president is expected to meet with President Xi during the G-20 Summit in Japan.

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