WASHINGTON — The United States and China escalated their trade fight on Monday as Beijing moved to raise tariffs on nearly $60 billion worth of American goods in retaliation for President Trump’s decision to punish China with higher tariffs on a slew of imports.
China’s finance ministry announced that it was raising tariffs on a wide range of American goods to 20 percent or 25 percent from 10 percent in response to Mr. Trump’s decision to raise tariffs to 25 percent on $200 billion worth of Chinese goods. China’s increase will impact the roughly $60 billion in American imports already being taxed as retaliation for Mr. Trump’s previous round of levies, including beer, wine, swimsuits, shirts and liquefied natural gas.
The S&P 500 fell more than 2 percent soon after trading began in New York, and shares of companies particularly dependent on trade with China, including Apple and Boeing, fared poorly. The
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