China slaps tariffs on $60 billion in U.S. goods

China has announced it is raising tariffs on $60 billion in U.S. goods in retaliation for the latest levies on its exports announced last week  by the Trump administration.

The Chinese finance ministry said Monday that it, effective June 1, it will impose duties of 5% to 25% on hundreds of U.S. products including batteries, spinach and coffee.

That followed Trump’s increase Friday of duties on $200 billion of Chinese imports from 10% to 25% in a dispute over Beijing’s technology ambitions and trade surplus. 

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According to Morgan Stanley economists, the tariff hike could trim China’s annual economic growth by 0.5 percentage points. That impact could grow if uncertainty prompts companies to cut jobs or postpone investment, they said.

This is a developing story.