China announces retaliatory tariffs on US imports

China has announced additional 10- to 15% taxes on a number of US food and agricultural products, which will go into effect on March 10 in response to the US tariffs. According to news agency Reuters, US goods that will be subject to 10% retaliatory tariffs in China include soybeans, sorghum, meat, porn, marine products, fruits, vegetables, and dairy products.

According to the Chinese finance ministry, cotton, wheat, corn, and chicken will all be subject to 15% tariffs. 25 US companies were subject to export and investment restrictions by China in addition to tariffs, according to Reuters. These high taxes follow the United States' Tuesday imposition of harsh tariffs on Canada, Mexico, and China, which might spark a trade war.

Along with a new 25% tax on imports from his neighbors and two of its largest trade partners, Canada and Mexico, US President Donald Trump boosted tariffs on Chinese goods from 10% to 20% as of Tuesday.