China upped the ante Monday in the ongoing tit-for-tat trade war between the world’s top economies.
Beijing said it will raise tariffs on $60 billion in U.S. goods on June 1 in retaliation for President Donald Trump’s decision last week to hike duties on Chinese goods. This includes raising tariffs on more than 5,000 U.S. products to as high as 25%, the Chinese Finance Ministry said Monday.
Stocks fell sharply on Monday, with the Dow Jones Industrial Average trading down more than 700 points. The S&P 500 and Nasdaq were headed for their worst day of the year, while the Dow was on pace to post its biggest one-day loss since Jan. 3.
Below is a list of some of the 2,493 U.S. goods that will be subject to a 25% tariff.
If Apple's faced with tariffs, they'll pass them to the consumer: Bernstein's Toni Sacconaghi from CNBC.
Food products
- Frozen, dried, smoked and salted beef
- Honey
- Frozen spinach and legumes including peas, beans and lentils
- Fine and coarse rice, corn and wheat flour as well as processed oats
- Any plant mainly used as a spice
- Virgin olive oil, peanut oil, soybean oil, sunflower oil, coconut oil and sesame oil
- Soda and bottled water
- Spirits including gin, tequila, vodka and other distilled spirits and alcoholic beverages
Building materials
- Building stone, bricks, panels and floor tiles
- Wall and ceiling coverings
- Pipes and tubes
- Wood flooring and carpets
- Small tools including handsaws, scissors and other blades
- Tools used for drilling, milling or boring
Consumer goods
- Furniture including metal or wood frames for upholstered furniture
- Bedding and sleeping bags
- Footwear including leather and rubber boots, sports shoes and accessories for shoes
- Hats, umbrellas and walking sticks
- Lighting fixtures
- Watches and clocks
- Musical instruments including upright pianos, stringed instruments, wind instruments and keyboards
Transport
- Parts for railway or tramway locomotives
- Track signal equipment for railway or tramway
- Sailboats, motorboats and yachts
- Canoes and other recreational vessels
Electronics
- Coffee makers, hair dryers, microwaves, space heaters, electric ovens
- Television broadcast cameras
- Telecommunications equipment
- Microphones, headphones, speakers, recorders, DVD players and other accessories for video and audio equipment
Natural resources and chemicals
- Rocks including granite, marble, chalk and sandstone
- Precious and semiprecious stones including diamonds, rubies and emeralds
- Metal ores including iron, nickel, zinc, titanium and zirconium
- Natural liquid gas
- Fertilizers
- Chemicals including chlorine, iodine and sulfuric acid
- Dyes and pigment
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