The Washington Post reports, "Deepening its trade battle with the U.S. and sending financial markets spinning, China announced tariff hikes Monday on $60 billion of American goods in retaliation for President Donald Trump's latest penalties on Chinese products. Punitive charges of 5% to 25% on thousands of American products including batteries, spinach and coffee will take effect June 1, the Finance Ministry said. That extends Chinese duty increases to $110 billion of imports from the United States. The announcement followed an increase of U.S. duties on $200 billion of Chinese imports to 25% from 10% in the increasingly bitter dispute. American officials have accused China of backtracking on commitments they say it made in earlier negotiations. On Twitter, Trump warned Chinese President Xi Jinping (shee jihn-peeng) his country 'will be hurt very badly' if it doesn't agree to a trade deal."
Reuters reports, "The U.S. Commerce Department said on Monday it banned six Chinese technology entities, one Pakistani firm and five based in the United Arab Emirates from exporting sensitive U.S. technologies and other goods. In a statement, the Commerce Department said four of the Chinese firms, also with offices in Hong Kong, attempted to procure U.S.-origin commodities that would have supported Iran's weapons of mass destruction and military programs in violation of U.S. export controls. The Commerce Department said two other Chinese firms were added to the banned 'Entities List' because they participated in the export of controlled technology, which was then supplied to organizations affiliated with the People's Liberation Army. The export bans come as the United States and China have escalated their trade war following difficult negotiations last week."
The New York Times reports, "Terry Gou, head of the world's largest contract assembler of consumer electronics, stepped closer to running for president of Taiwan on Monday by announcing that he would not accept a vice presidential slot on the ticket of the opposition Nationalist Party. Gou is chairman of Foxconn, which assembles electronic products such as Apple's iPhones. He would bring a strongly pro-business and China-friendly platform to what is expected to be a crowded field for next year's presidential election. Gou, who ranks among Taiwan's richest people with a fortune estimated by Forbes at $7.8 billion, says the Nationalists should hold debates to select their candidate. Incumbent President Tsai Ing-wen has been hampered by low public approval ratings and a diplomatic embargo imposed by China, which claims the island as its own territory. 'I am not a suitable candidate for a vice president, because I am used to making decisions,' Gou told reporters."