China retaliates on tariffs; markets go into a slide

BEIJING -- Escalating its trade war with the U.S. and sending world financial markets into a slide, China announced higher tariffs Monday on $60 billion worth of American goods in retaliation for U.S. President Donald Trump's latest penalties on Chinese products. Tariffs of 5% to 25% will take effect on June 1 on about 5,200 American products, including batteries, spinach and coffee, the Finance Ministry said. The announcement followed a move by the U.S. on Friday to raise duties on $200 billion