China Wednesday announced plans to hit the United States with new tariffs of 25 percent on soybeans, aircraft, cars and other imports worth $50 billion, hours after Washington unveiled its own target list.
China’s commerce ministry listed 106 products to be targeted and said a date for the implementation of the tariffs would be announced separately.
The new tariffs mark a significant escalation of the brewing trade war between the world’s two largest economies — with the $100 billion worth of goods cumulatively targeted representing about 17 percent of the $580 billion in two-way trade last year.