China is preparing a counterattack to Trump's latest tariff threat as the trade war continues to escalate

Getty ImagesChinese President Xi Jinping
  • China on Friday threatened to impose tariffs on $US60 billion worth of US goods.
  • The move is in response to threats by the Trump administration to raise the tariff rate on an additional $US200 billion worth of Chinese goods.
  • The two countries have already imposed about $US34 billion worth of tariffs on each other.

China on Friday said it would impose retaliatory tariffs on about $US60 billion worth of US goods if the Trump administration continued to escalate a trade war between the two countries.

The tariffs would be imposed at four different tax rates,China’s Ministry of Commerce said in a statement.

“The implementation date of the taxation measures will be subject to the actions of the US, and China reserves the right to continue to introduce other countermeasures,” the statement said.

The move is a response to the Trump administration’s recent threat to raise the proposed tariff rate on an additional $US200 billion worth of Chinese goods to 25% from 10%. That threat is part of efforts to make it more painful for China “to continue their bad practices than it is to reform,” US Commerce Secretary Wilbur Ross said Thursday on Fox Business Network.

The Trump administration last month enacted a 25% tariff on roughly $US34 billion worth of Chinese goods, prompting Beijing to retaliate in kind, and then threatened to slap additional duties on nearly all Chinese goods sent to the US. US tariffs on another $US16 billion worth of Chinese imports are set to be enacted at a later date.

Here’s a timeline of the US-China trade war so far:

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