Economy As trade war bites, China's Xi Jinping preaches openness Updated : May 15, 2019 11:17 AM IST Beijing and Washington are locked in an escalating trade war, with both countries levying tariffs on each other's imports. Just before Xi spoke the government reported surprisingly weaker growth in retail sales and industrial output for April. China on Monday announced higher tariffs on $60 billion of US goods, effective June 1, in retaliation for Washington's decision on Friday to raise its own levies on $200 billion in Chinese imports. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.