China retaliates with tariff hike on $50 billion of US goods including soybeans, aircraft, autos

China on Wednesday announced plans to hit the United States with new tariffs of 25 percent on soybeans, airplanes, cars and other imports worth $50 billion, hours after Washington unveiled its own target list.

China's commerce ministry listed 106 products that will be targeted and said a date for the implementation of the tariffs would be announced separately.

China's latest tariff hike announcement comes after US escalated the trade war between two superpowers byproposing 25 percent tariffs on $50 billion in Chinese imports.

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The Trump administration on Tuesday escalated its aggressive actions on trade by proposing 25 percent tariffs on $50 billion in Chinese imports to protest Beijing’s alleged theft of American technology.

The Office of the U.S. Trade Representative issued a list targeting 1,300 Chinese products, including industrial robots and telecommunications equipment. The suggested tariffs wouldn’t take effect right way: A public comment period will last until May 11, and a hearing on the tariffs is set for May 15. Companies and consumers will have the opportunity to lobby to have some products taken off the list or have others added.

(With AFP inputs)