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China Announces New Tariffs of Up to 25%

The tariffs of between five and 25% will impact about five thousands products.

WASHINGTON -- China is issuing its own set of tariffs on American goods as the trade war escalates between the two nations. 

Chinese officials say they are going to set new tariffs of between 5% and 25% on $60 billion worth of U.S. imports, which will impact about 5,000 products. 

The tariffs are set to go into effect on June 1. 

This comes after President Trump increased tariffs on $200 billion of Chinese goods on Friday. 

Trump said this morning that if China doesn't reach a fair trade deal with the U.S., companies will flee that country because of U.S. tariffs.  He also warned China against retaliating over his latest tariff increases, saying things will only get worse if that happens. 

(Photo by Stringer/Getty.)

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