China's government is responding to the latest tariffs levied by the Trump administration with its own set of tariffs targeting American soybeans, cars and other exports.
The Washington Post reports that Beijing announced a plan Wednesday to implement 25 percent tariffs on imports of U.S. soybeans, airplanes and automobiles in a package that totals about $50 billion of U.S. goods.
The Post reports that South Korea's main stock exchange slid more than 1 percent on the news, while European markets also opened lower as a result of the announcement.
The announcement comes just a day after the White House announced a similar $50 billion tariff package targeting China over what it says are unfair trade practices, with 25 percent tariffs being leveled on imports of Chinese electronics, shoes, furniture and other goods.
China on Sunday announced another tariff package targeting U.S. pork and fruit in response to President TrumpDonald TrumpKinzinger says Trump 'winning' because so many Republicans 'have remained silent' Our remote warfare counterterrorism strategy is more risk than reward Far-right rally draws small crowd, large police presence at Capitol MORE's decision to raise duties on imported steel and aluminum.
Some U.S. lawmakers have warned that Trump's actions targeting China and other countries in recent weeks could spark a global trade war.
Business groups also warned this week that escalating protectionist trade policies could have an adverse effect on consumers.
"While we are pleased that many everyday products such as clothing and shoes are not on the list, we remain concerned that other goods such as consumer electronics and home appliances are targets," National Retail Federation President and CEO Matthew Shay said on Tuesday.
Trump has so far dismissed these concerns, tweeting that a trade war would be "easy to win" for the United States.