(NBC News) – China will raise tariffs on $60 billion in U.S. goods in retaliation to President Trump’s decision to hike duties on Chinese goods.
Beijing will increase tariffs on more than 5,000 products to as high as 25 percent, the Chinese Finance Ministry said Monday. Duties on some other goods will increase to 20 percent. Those rates will rise from either 10 percent or five percent previously.
Last week, President Trump raised duties on $200 billion in Chinese products to 25 percent from 10 percent. The world’s two largest economies have struggled to ink a trade deal and end a widening trade conflict that threatens to damage the global economy. Right now, there are no plans for the two countries to meet.
Meanwhile, another warship and a missile defense system are on their way to the Middle East. That’s in addition to destroyers, a missile cruiser and an aircraft carrier already on the way.
U.S. Central Command asked for backup after reports that Iran is gearing up to attack our forces in the region – something that Iran has denied.
Secretary of State Mike Pompeo will discuss the escalating tensions in Iran during a meeting Monday with European leaders in Brussels, Germany.