Deepening a trade battle and sending financial markets into a tailspin, China announced Monday it was raising tariffs on $60bn of US goods after the latest increase in American tariffs on its exports.

The move comes after the United States escalated the bitter trade war with a tariff hike on $200bn of Chinese products on Friday.

China will impose tariffs on a total of 5,140 US products from June 1, the finance ministry said in a statement.

“China’s adjustment on additional tariffs is a response to US unilateralism and protectionism,” the ministry said. “China hopes the US will get back to the right track of bilateral trade and economic consultations and meet with China halfway.”

The retaliatory measures were announced about an hour after US President Donald Trump tweeted directly to Chinese President Xi Jinping.

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