China said to raise tariffs on $60 billion US goods from June 1

According to the latest headlines floating on the wires, China is said to raise import tariffs on 2493 items – amounting to $60 billion worth of US goods ranging from 5% to 25% starting June 1st.

The Global Times Editor-in-chief further reported that China may stop purchasing US agricultural products and energy, reduce Boeing orders and restrict US service trade with China. Many Chinese scholars are discussing the possibility of dumping US Treasuries and how to do it specifically.