China on Monday announced that it would raise tariffs on a range of US products, in retaliation to Washington's decision to ramp up the tariffs rate to 25 per cent on USD 200 billion worth of Chinese imports.Escalating the trade war between the two biggest economies, China's Ministry of Finance said that it will raise tariffs on USD 60 billion worth of US goods on June 1. The tariff would range from 5 per cent to 25 per cent, reported the Washington Post.The development has come hours after US President Donald Trump warned China to "not retaliate," arguing that the country has taken "advantage of the US for so many years."Trump wrote on his official Twitter handle, "There will be nobody left in China to do business with. Very bad for China, very good for USA! But China has taken so advantage of the U.S. for so many years, that they are way ahead (Our Presidents did not do the job). Therefore, China should not retaliate-will only get worse!"The US President went on to say: "I say ...
