China says it has no choice but to retaliate to U.S. President Donald Trump's 10 percent tariffs on $200 billion in Chinese goods, risking a further escalation of trade tensions between the world’s two biggest economies.
On Tuesday, China announced a tariff hike on $60 billion of American products.
In a brief statement posted online Tuesday, China’s Commerce Ministry said, "To protect its legitimate rights and interests and order in international free trade, China is left with no choice but to retaliate simultaneously."
On Monday, President Trump warned, in a statement announcing his move, if China retaliates against U.S. farmers or other industries, Washington “will immediately pursue phase three, which is tariffs on approximately $267 billion in additional imports."
The additional $267 billion in tariffs is expected to cover all Chinese imports to the United States.
The $200 billion in U.S. tariffs go into effect in less than a week, on September 24, leaving the two sides little time to sit down.