China retaliates against new U.S. tariffs
As expected, China has responded to
Friday’s tariff increases by the Trump Administration with some counter-tariffs
of its own. China announced this morning it will retaliate with tariff
hikes on nearly 60-billion-dollars-worth of U.S. goods. The new
retaliatory tariffs will affect more than 5,000 U.S. products and will jump
from less than 10% to as much as 25% starting June 1st. China did
not immediately specify what products were being targeted.
A Chinese foreign ministry spokesman says his country will never succumb
to foreign pressure and they hope the U.S. meets them half way.
Trump tweeted the U.S. could avoid the tariffs by buying from a
non-tariffed country or inside the U.S.
Trump economic advisor Larry Kudlow told Fox News the chances of President Trump and Chinese President Xi meeting during the G-20 meeting in Japan are pretty good.
U.S. markets opened considerably lower Monday with news of more tariffs. The Dow Jones Industrials were down more than 560 points, the NASDAQ fell more than 200 points and the S & P 500 was down more than 60 points in the first hour of trade Monday.