We begin with a big development in the China-US trade war. Beijing retaliates against the United States for expanding tariffs on Chinese goods. China will raise duties on tens of billions of dollars worth of imports from the US. Another quake for markets, after last week's talks failed to a reach deal. CGTN's White House correspondent Nathan King has the latest.

From huge tankers of liquefied natural gas to the humble peanut. Beef, salmon, flowers and aircraft parts, U.S. exporters will be hit with a hike in tariffs on June first.

China is raising tariffs on more than 5,000 U.S. products. Some will be tariffed at 25% up from 10%. Others will be taxed less steeply - but this is the promised response to U.S. moves last week.

China's Foreign Minister Wang Yi says China had to retaliate.  

WANG YI CHINESE FOREIGN MINISTER "We think that in these circumstances, it is senseless to unilaterally accuse the other side. Moreover, shuffling off the responsibility on to the other is unacceptable. Attempts to increase pressure can only cause our legitimate blowback. The steps taken by the Chinese side, are not only a protection of our proper interests, but also a protection of the basic principles of the multilateral international trade."

China's countermeasures follow the U.S. tariff hike from 10 to 25% on 200 billion dollars' worth of Chinese imports. That cast a cloud over last week's trade talks in Washington.

And just after the latest Chinese move, the U.S. President didn't just repeat his love for tariffs - which are paid by U.S. businesses - he announced he's prepared to tariff all remaining Chinese imports.

DONALD TRUMP US PRESIDENT "In addition to that, we have another $325 billion that we can do, if we decided to do it. That is a tremendous amount of money that would come into our country. I haven't made that decision yet. "

Both sides have talked about more talks. No dates are set, but the Trump administration has indicated negotiators could head to Beijing soon.

NATHAN KING WHITE HOUSE "The White House did say, however, that the U.S. President is set to meet Chinese President Xi Jinping at the G20 summit in Osaka, Japan at the end of June. Negotiators have about six weeks to hammer out a deal before then. Nathan King, CGTN at the White House."