China raises tariffs on US goods amid escalating tensions

China's tariff hike comes after Washington's move to blacklist Chinese tech giant Huawei over national security concerns

China on Saturday increased tariffs on billions worth of US goods as it prepares to unveil a blacklist of "unreliable" foreign companies that analysts say aims to punish US and foreign firms cutting off supplies to telecoms giant Huawei.

Beijing's move hits $60 billion worth of US goods with new punitive tariffs ranging from five to 25 percent, and comes in retaliation for Washington raising duty on $200 billion in Chinese goods to 25 percent.