More sabre-rattling on the trade front: China said Wednesday it will retaliate against the latest round of U.S. tariffs on Chinese imports.
The Chinese Ministry of Commerce announced a 25% charge on $16 billion worth of U.S. goods. The goods being targeted by China include crude oil and cars.
China's announcement comes after the U.S. Trade Representative's office released a finalized list of $16 billion worth in Chinese goods that will be hit with tariffs. The U.S. charges will take effect on Aug. 23. The latest U.S. list brings the total worth of Chinese goods facing a 25% tariff to $50 billion.
Tensions between the two economic super-powers have been simmering in recent months as the Trump administration takes a more protectionist stance when it comes to trade.
Just last month, tariffs on $34 billion worth of goods Chinese goods came into effect. Chinese state media has hit back at the U.S. in light of the levies that have been threatened, saying the Asian nation would retaliate.
On July 25, President Donald Trump said China is "being vicious" on trade, noting it is targeting U.S. farmers on purpose.
Meanwhile, the Chinese Ministry of Commerce said it must retaliate against the U.S. tariffs "to defend the nation's dignity."
