China plans to raise tariffs on $60 billion of U.S. goods as retaliation to the U.S. decision to hike tariffs on Chinese goods, the Chinese Finance Ministry announced May 13.

Beijing will increase tariffs on more than 5,000 products to as high as 25%, and duties on other goods will increase to 20%.

According to CNBC.com, the Chinese Finance Ministry’s retaliation announcement shot down major U.S. stock indexes more than 2% May 13.

The U.S. announced May 8 that it would raise tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent as of May 10. New passenger, truck and bus radials are on the list as well as ag, construction and mining tires and their retread equivalents. Tire-related materials, including tire cord fabric of various materials and rubber innertubes, also made the list.

President Donald Trump tweeted May 13 that Chinese President Xi should make a deal with the U.S., or “companies will be forced to leave China for other countries … You had a great deal, almost completed, & you backed out!”