China to hit US soybeans, cars, planes with retaliatory tariffs

China Wednesday announced plans to hit the United States with new tariffs of 25 percent on soybeans, aircraft, cars and other imports worth $50 billion, hours after Washington unveiled its own target list. China's commerce ministry listed 106 products to be targeted and said a date for the implementation of the tariffs would be announced separately. The new tariffs mark a significant escalation of the brewing trade war between the world's two largest economies -- with the $100 billion worth of goods cumulatively targeted representing about 17 percent of the $580 billion in two-way trade last year.

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