China Raising Tariffs on $60B U.S. Goods

China will raise tariffs on $60 billion in U.S. goods in retaliation for the U.S. decision to hike duties on Chinese goods, the Chinese Finance Ministry said Monday.

CNBCreports Beijing will increase tariffs on more than 5,000 products to as high as 25%.

The duties in large part target U.S. farmers. The thousands of products include peanuts, sugar, wheat, chicken and turkey.