The 25 percent tariffs will be placed on imports such as soybeans, cars and whisky. The move comes in response to President Donald Trump’s recent announcement that he plans to levy additional tariffs on Chinese imports used in sectors such as robotics, IT and aerospace.
China’s new tariffs are expected to affect $50 billion worth of U.S. imports annually, whereas the first round of tariffs on 128 products was expected to affect $3 billion annually.
“I think Beijing is very keen to show that it is not going to be bullied, too,” Neil Dwane, global strategist at Allianz Global Investors, told CNBC.
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