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China Threatens New Round Of Tariffs On $60B Of US Goods

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China Threatens New Round Of Tariffs On $60B Of US Goods
The Chinese government announced Friday the tariffs will range from 5 percent to 25 percent depending on the item being taxed.
SHOW TRANSCRIPT

China is readying a new round a tariffs on $60 billion worth of U.S. goods.

The Chinese government announced Friday the tariffs will range from 5 percent to 25 percent depending on the item being taxed. 

China said it plans to implement these tariffs if President Donald Trump delivers on his threat to tax another $200 billion in Chinese goods.  

Earlier this week, the Trump administration said it was looking at increasing those pending tariffs from 10 percent to 25 percent.

The U.S. and China have been involved in a tit-for-tat trade battle for months. So far, it's resulted in both sides already imposing taxes on $34 billion worth of each other's goods. 

Trump's chief economic adviser Larry Kudlow responded to China's tariff announcement Friday, telling Fox Business Network, "They better not underestimate the president. He is going to stand tough."