China will raise tariffs on $60 billion of United States goods up to 25% starting June 1 in retaliation to Washington's recent levy increase, as well as add 5000 more products to the sanctioned list, the country's Ministry of Finance announced on Monday. However, companies will be able to send applications to receive waivers from additional tariffs which will exempt them from being taxed for one year.
In addition, Beijing may stop buying agricultural products and energy from the US, as well as restrict US trade service with China and reduce Boeing orders, the Global Times reported, adding the country's experts are discussing the possibility of dumping US treasuries.
Earlier, US President Donald Trump warned Beijing against retaliating, claiming the largest Asian economy would be "hurt very badly" without a trade deal.
