China on Saturday announced its decision to impose additional tariffs on American products worth $50 billion, in response to the United States' declaration of levying 25 per cent duties on Chinese goods, a day earlier.
China will impose additional 25 percent tariffs on 659 US goods worth $50 billion in response to the USA announcement that it will levy tariffs on Chinese imports, the Chinese commerce ministry said.
Those could come if China would impose new tariffs on USA goods, services, agricultural products, or raise non-tariff barriers, and take actions against American or companies operating in China, according to the statement.
The government also unveiled a list of us products which will be subjected to additional tariffs, it said.
The tariffs, which are likely to take effect from July 6, will cover vaguely 1,102 Chinese product lines worth about $50 billion a year, according to the reports.
"All the economic and trade-related achievements previously reached by the two sides will be rendered invalid", the ministry said, referring to the results of earlier rounds of China-US trade talks. If that happens, Trump has threatened to escalate the war with tariffs on an additional $100 billion in Chinese goods.
But the White House maintains that any Chinese countermeasures would be unjust and could be met with further United States sanctions.
"Any tariff or tax put in place will have a significant impact, not only to the USA soybean market but to Iowa's, because we're such a large producer", Chad Hart, an Iowa State University economist, told the Register.
It published a draft list of about 1,300 Chinese products slated for tariffs in April.
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China "doesn't want a trade war" but has to "fight back strongly", said a Commerce Ministry statement. Among the specific goods listed by the Chinese government are "unrefined pig fat", coconuts with or without shell, all kinds of rice (including rice flour), frozen orange juice, whiskey, and octopus.
China's Commerce Ministry answered quickly to the USA taxes on Chinese imports.
The "Made in China 2025" initiative is aimed at accelerating China's prowess and narrowing its competitiveness gap with the United States and other industrial powers in key technologies such as robotics and semiconductors.
"We are assessing the impact these tariffs and any reciprocal action could have on our supply chain and commercial business", said Boeing spokesman Charles Bickers.
United States officials have said Beijing has sought industrial dominance in emerging technologies through the theft of American know-how through forced technology transfers, hacking and other forms industrial espionage.
The two giants have been trading tariffs and threats of tariffs for weeks now.
China's finance ministry said it would respond with tariffs "of the same scale and strength". On the other hand, Global Times, a newspaper published by the ruling Communist Party, wrote, "In this trade war, it's the USA who is playing the role of provocateur, while China plays defence".
China also called on the world to "firmly safeguard" the interests of the people.
The trade representative's office acknowledged public concern that the tariffs list could raise prices for consumers.