WASHINGTON/BEIJING (Reuters) - China said on Monday it would impose higher tariffs on a range of U.S. goods, striking back in its trade war with Washington shortly after U.S. President Donald Trump warned it not to retaliate.

Chinas finance ministry said it plans to set import tariffs ranging from 5 percent to 25 percent on 5,140 U.S. products on a target list worth about $60 billion. It said the tariffs will take effect on June 1.

The announcement came less than two hours after Trump warned Beijing not to retaliate after China said it will never surrender to external pressure.

The White House and U.S. Trade Representatives office did not immediately return a request for comment.

Global equities fell sharply on Monday as hopes of an imminent trade deal between the worlds two largest economies were crushed. Major U.S. stock index futures were down about 2 percent. [MKTS/GLOB]

The trade war escalated on Friday after Trump hiked tariffs on $200 billion worth of Chinese goods, saying China had reneged on earlier commitments made during months of trade negotiations.

Beijing had vowed to respond to the latest U.S. tariffs. As for the details, please continue to pay attention. Copying a U.S. expression - wait and see, Foreign Ministry spokesman Geng Shuang told a daily news briefing on Monday.

Trump warned China not to intensify the trade dispute and urged its leaders, including President Xi Jinping, to continue to work to reach a deal. China should not retaliate-will only get worse, he said on Twitter.

I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you dont make a deal because companies will be forced to leave China for other countries, Trump wrote.