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China is raising tariffs on $60 billion of US goods starting June 1

• CNBC

*China will raise tariffs on $60 billion in U.S. goods in retaliation for the Trump administration's latest decision to increase duties on Chinese products. 

*U.S. stock futures signaled a sharp drop on Monday as the trade conflict between the world's two largest economies escalated. 

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

Beijing will increase the tariffs to 25% from 10% on June 1, the Chinese Finance Ministry said Monday. It follows President Donald Trump's decision to raise duties on $200 billion in Chinese products to 25% from 10% as the world's two largest economies struggle to ink a new trade deal. 

The action raises the stakes in a widening trade conflict that has rattled investors and threatened to damage the global economy. U.S. stock futures signaled a sharp drop Monday morning amid the escalation.

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