China fires back with more tariffs

China on Monday announced retaliatory tariff increases on $60 billion worth of U.S. goods. The trade war between the two countries entered a new phase as negotiations broke down last week and President Donald Trump said he would raise tariffs from 10 percent to 25 percent on $200 billion in Chinese exports. The United States blames China for trying to renegotiate already-agreed-upon parts of a trade pact.

“You had a great deal, almost completed, & you backed out!” Trump said Monday in a tweet addressed to Chinese President Xi Jinping and “all of my many friends in China.”

Global stock markets entered a slump last week that continued Monday. Major stock indexes in the United States all fell between 2 percent and 3 percent last week, and the Dow Jones Industrial Average dropped by 584 points on opening Monday. U.S.-China trade talks are expected to continue, and Trump and Xi will likely meet at the G-20 summit in Japan next month.