China will increase duties on American goods by $60 billion from June 1

China will raise duties on goods from the US in the amount of $60 billion in response to an increase in US duties on Chinese products.

Duties will be increased from June 1, the Ministry of Finance of the PRC reported.

China’s response largely focused on the US agricultural sector.

Investors ‘ hopes for a deal that would end the trade war between the world’s two largest economies collapsed. Another round of talks between US and Chinese officials ended on Friday without a trade agreement.