Trade war: China retaliates with tariff hike on US goods worth USD 60 billion

China on Monday increased tariffs on USD 60 billion worth of US goods in a tit-for-tat to America's move to raise tariffs on USD 200 billion worth of Chinese imports, saying Beijing will not "succumb to foreign pressure".

China's retaliation came hours after US President Donald Trump warned his Chinese counterpart Xi Jinping that Beijing "will be hurt very badly if you don't make a deal."

In the latest escalation of the trade war between the world's two biggest economies, the Chinese Ministry of Finance said tariffs on USD 60 billions of US exports to China would rise by "25, 20 and 10 per cent" respectively.

Products that were taxed at five per cent would not be affected.

The statement came days after the US raised tariffs on USD 200 billion worth of Chinese imports from 10 per cent to 25 per cent on Friday after the 11th round of trade talks held in Washington failed to resolve the trade fight.

The Chinese Ministry of Finance said that the move was "a response to unilateralism and ..