U.S., China pile on new tariffs

China said Tuesday it would increase tariffs on $60 billion worth of U.S. goods in retaliation after President Donald Trump announced Monday new U.S. tariffs on $200 billion worth of Chinese imports. The 10 percent duty on Chinese goods will take effect next Monday and rise to 25 percent in January. The White House said the new tariffs were further punishment for Beijing’s unfair trade practices. Analysts believe the president’s latest move could be aimed at putting more pressure on Beijing ahead of planned trade talks later this month. But some fear China may pull out of those talks if Trump does not reverse course on the new tariffs. The Chinese Finance Ministry said it was going ahead with plans announced in August for increases of 10 percent and 5 percent on 5,207 types of U.S. goods. A list released last month included coffee, honey, and industrial chemicals.