China

Retaliating to US President Donald Trump's imposition of new duties on China, China Tuesday announced tariffs on US goods worth $60 billion.

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Days before China had issued a warning stating that it would hit back at the US if Trump administration imposes new duties on it.

China's foreign ministry said Monday it would strike back at the US if Washington moved forward with new tariffs on $200 billion of its exports.

"If the United States insists on raising tariffs even more, China will respond accordingly," the finance ministry said in a statement.

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Responding to this Trump had warned, "if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports."

That would mean imposing new taxes on all of the goods the US imports from China.

The US imports around $500 billion in goods from China.

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US President Donald Trump on Monday escalated the trade confrontation with China, hitting the country with tariffs starting next week on another $200 billion in imports.

Trump also threatened that the duties may escalate further if Beijing retaliates.

Trump said China had refused to change the unfair practices that hurt US businesses and workers.

Also read: China 'actively trying to impact and change our election': US President Donald Trump

Once the new round of tariffs imposed on China takes effect on September 24, punitive duties will be in place on roughly half of the products the US buys from China -- its largest source of imported merchandise.

The two countries have been embroiled for months in a trade conflict that has threatened to hurt consumers in both countries. Trump has already imposed 25 per cent tariffs on $50 billion in goods from China. 

(With inputs from agencies)