China announced it would create tariffs on $60 billion of U.S. goods starting in June. The announcement comes after Trump raised duties to 25 percent on $200 billion worth of Chinese products. According to Business Insider, China’s announcement caused U.S. stocks to drop. Fashion companies like Victoria’s Secret saw their shares fall more than 5 percent. Investors feat that higher tariffs will increase the costs of shipping merchandise to and from China.

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