China retaliated against President Donald Trump's tariffs with an additional 15% tax on key American farm products, including chicken, pork, soybeans and beef. The escalating trade tensions punished US markets Monday as investors fearful of the damage from from Trump's trade wars put their money elsewhere. The Chinese tariffs, announced last week, were a response to Trump's decision to double the levy on Chinese imports to 20% on March 4. China's Commerce Ministry had earlier said that goods already in transit would be exempt from the retaliatory tariffs until April 12. Imposing tariffs on imports is a key part of Trump's agenda. He believes the import taxes can raise money for the Treasury, protect American industries and pressure foreign countries to do what he wants in a range of issues, including immigration and drug trafficking. On Wednesday, Trump is set to remove exceptions on 25% steel tariffs he imposed in 2018 - effectively raising the taxes - and raise his levy on alumin