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China responded to President Trump’s new tariffs by threatening tariffs of its own on 106 U.S. products, including on soybeans, cars and some airplanes, in the latest escalation of what risks becoming a tit-for-tat trade war between the world’s two largest economies.       

The plan, which was announced Wednesday (April 4), would see Beijing slap 25% levies on a range of U.S. goods worth about $50 billion. Chinese officials did not set a date for implementation, saying what happens next will depend on whether the U.S. president pushes ahead with his tariff plans. 

The Chinese announcement came a day after the White House unveiled plans for tariffs on $50 billion in Chinese imports across 1,300 categories, with 25% levies on Chinese goods ranging from electronics, aerospace and machinery to phones, shoes and furniture. 

Though the tariffs are not in place yet, the news had an immediate impact on markets, including the soybean market. 

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