(Yicai Global) May 13 -- China has decided to impose tariffs of 25 percent, 20 percent and 10 percent on certain U.S. products starting June 1, announced the Customs Tariff Commission of the State Council in a statement issued Monday.

The tariffs will be targeting U.S. goods worth 60 billion U.S. dollars, the statement said, adding that the products under five percent tariff cap would not be affected by this round of tariffs.