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China retaliates with new US tariffs

China will raise tariff rates on $60bn worth of US goods to as high as 25% starting June 1, the country’s Ministry of Finance announced on Monday. The move follows the US decision to raise duty rates on $200bn of Chinese goods to 25% from 10% as US President Donald Trump demands the two countries trade on a level playing field when it comes to tariffs

The duties largely target the US agricultural industry, with US chicken, wheat, sugar and peanuts becoming more costly for buyers in China

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