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China announced on today (Aug. 3) it would hit about $60 billion worth of U.S. exports with new tariffs in response to President Donald Trump’s decision this week to escalate potential trade penalties on Beijing.

Politico reported that China’s Ministry of Commerce said it would impose the tariffs at four different tax rates. The statement said the tariffs would be implemented subject to U.S. action.

China said it was taking the action “because the U.S. side has repeatedly escalated the situation despite the interests of both enterprises and consumers,” according to an informal translation. “China has to take necessary counter-measures to defend the country’s dignity and the interests of the people, defend free trade and the multilateral system, and defend the common interests of all countries in the world.“

The Trump administration on Wednesday announced it would consider increasing proposed tariffs on $200 billion worth of Chinese goods from the 10% rate it initially proposed to 25%. A comment period on those potential duties will close on Sept. 5 and, shortly after that, the president will be in a position to impose those tariffs.

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