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Wednesday, May 22nd

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You are here News Economy China slaps tariffs on $60 billion in U.S. imports as trade war between Beijing and Washington escalates

China slaps tariffs on $60 billion in U.S. imports as trade war between Beijing and Washington escalates

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China slaps duties on $60b in US goods

China said it was levying the tariffs because of Trump's decision to raise duties on Chinese products "contrary to the consensus between China and the United States on resolving trade differences through consultations." The U.S.'s actions are "jeopardizing the interests of both sides and not meeting the general expectations of the international community," China said.

Stocks tumbled following China's announcement.

The Dow Jones industrial average dropped 566 points, or 2.2%, to 25,372 in early trading, while the Standard & Poor's 500 index lost 67 points, or 2.3%, to 2,813. The tech-heavy Nasdaq, which has been the most vulnerable to trade tensions, plunged 243 points, or 3.1%, to 7,674 Monday morning.

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