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China Announces New Set of Retaliatory Tariffs on US Goods

FILE - farmer Michael Petefish walks through his soybeans at his farm near Claremont in southern Minnesota.

China announced late Wednesday that it will impose an additional 25 percent tariffs on $16 billion of U.S. imports.

The new tariffs will take effect on August 23, matching exactly a new round of U.S. tariffs on Chinese goods announced Tuesday by the Trump administration.

The latest tit-for-tat tariffs have accelerated a trade war between the world's two economic superpowers that began July 6, when Washington officially imposed 25-percent tariffs on more than 800 Chinese products worth $34 billion. Beijing retaliated by imposing the same percentage of retaliatory tariffs on 545 U.S. items, also worth $34 billion.

The Trump administration has also threatened to apply an extra 25-percent tariffs on an additional $200 billion worth of Chinese exports.

U.S. President Donald Trump has cited China’s unfair trade practices and intellectual property theft as a reason for the tariffs.