The U.S.-China trade dispute escalated sharply Monday, as Beijing retaliated against higher U.S. tariffs with plans to increase levies on $60 billion in U.S. imports and Washington laid out nearly $300 billion of new Chinese imports that would face 25% levies as early as this summer.

The higher tariffs are expected to raise costs for both consumers and businesses and act as a brake on economic growth in both countries. Neither side appeared ready to compromise, despite indications in recent months that a deal was near.

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