The trade war between the U.S. and China escalated further Friday as China announced a new set of tariffs on American products.
The China State Council announced Friday that it would impose tariffs ranging from 5% to 10% on an additional $75 billion in U.S. goods, according to state media outlet Global Times.
The new tariffs are poised to go into effect in stages, with the first round beginning Sept. 1 and the second Dec. 15.
This development comes after President Donald Trump earlier this month threatened to impose a new round of tariffs on Chinese imports — 10% on $300 billion in products.
The two sides have so far failed to reach an agreement on a comprehensive trade pact.
Tariffs on U.S. goods exported to China could make it more expensive for Chinese consumers to purchase American items and hurt sales for the American companies.
Trump’s latest China tariffs: How they affect the economy
Conversely, tariffs on Chinese products exported to the U.S. could increase prices for American consumers and hurt sales for the Chinese companies.
“China has ammunition to fight back. The US side will feel the pain,” Global Times editor-in-chief Hu Xijin said Friday on Twitter.
Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.