NEW: China has announced it is raising tariffs on $60 billion in U.S. goods in retaliation for the latest penalties on its exports announced by the Trump administration
The Dow is down 500 points after China announced retaliatory tariffs against the United States.
The retaliatory measures were announced about an hour after President Donald Trump tweeted directly to Chinese President Xi Jinping saying:"China will be hurt very badly if you don't make a deal because companies will be forced to leave China for other countries."China has announced it is raising tariffs on $60 billion in U.S. goods in retaliation for the latest penalties on its exports announced by the Trump administration.
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.Companies are waiting to see how China will retaliate for President Donald Trump's latest tariff hikes on Chinese imports while economists warned the escalating dispute could slow growth.
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