Business Maverick: U.S. Readies New Tariffs as Trump Says He’ll Meet China’s Xi

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.

“There can be some retaliation, but it can’t be very substantial,” Trump told reporters Monday at the White House during a meeting with Hungarian Prime Minister Viktor Orban. U.S. stocks dropped on signs of an escalating trade war, with the S&P 500 falling the most in four months. Treasuries rallied with the yen on demand for haven assets.

China’s announcement earlier Monday of its plans to raise duties on some $60 billion in American imports starting June 1, defied a call from Trump to resist escalating the trade war.

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