The future of U.S.-China trade talks is uncertain as the Trump administration moves to impose new tariffs on $300 billion of imported consumer and industrial goods from China, and U.S. companies prepare for higher costs of doing business.

The new round of tariffs would mean all imported Chinese goods entering the U.S. face duties imposed under Section 301 of 1974 trade legislation. In 2018, the U.S. imported $540 billion of Chinese products. The Section 301 tariffs currently apply to $250 billion in goods from China.

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China, which has levied tariffs on $110 billion of imports from the U.S. is running out of goods to which it can apply tariffs. China imported $120 billion in U.S. goods in 2018. But it could still increase existing tariffs.

Beijing announced Monday that on June 1 it will increase tariff rates that are now between 5 percent and 10 percent. It said 2,493 products, including liquefied natural gas, honey, industrial tools and furniture, will face 25 percent duties. China also will impose duties of 20 percent on 1,078 products, 10 percent on 974 products and 5 percent on 662 products, the Associated Press reported.