The deepening trade crisis between the U.S. and China took its next step Monday as China announced its retaliatory measures. It will hike tariffs on $60 billion worth of U.S. goods starting in June and almost 2,500 goods will have levies raised to 25 percent, according to a statement from the Chinese government. Relations between the two countries appear to be rapidly degrading—Trump spent his morning threatening President Xi Jinping that his tariffs will destroy the Chinese economy and make businesses flee his country, while China warned the U.S. that it “will never surrender to external pressure.” The new measures from China were in response to Trump hiking tariffs on $200 billion worth of Chinese goods last Friday after negotiations between the countries broke down.