Highlights:China announced that it will increase tariffs on about $60 billion of U.S. goods in retaliation for President Donald Trump’s latest escalation of the trade warThe U.S. Trade Representative’s office released a list of about $300 billion worth of Chinese goods including children’s clothing, toys, mobile phones and laptops that Trump has threatened to hit with a 25% tariff. Trump said he’ll meet his Chinese counterpart, Xi Jinping, at next month’s G-20 summit China’s state media signaled a lack of interest in resuming trade talks with the U.S. under the current threat to escalate tariffs, while the government said stimulus will be stepped up to buttress the domestic economyTrump ratcheted up his battle with China for dominance of 5G technology networks, moving to curb Huawei’s access to the U.S. market and American suppliersChina’s economy lost steam in April.
