After the United States announced on Wednesday that it was considering an increase in tariffs on $200 billion worth of Chinese goods from 10% to 25%, China is preparing a $60 billion tariff retaliation on U.S. goods. However, the news hasn’t stymied the markets as the Dow Jones Industrial Average was up 80 points, while the Nasdaq Composite and S&P 500 were both up about seven points as of 10:45 a.m. ET.
“The implementation date of the taxation measures will be subject to the actions of the US, and China reserves the right to continue to introduce other countermeasures,” China said in a release. “Any unilateral threat or blackmail will only lead to intensification of conflicts and damage to the interests of all parties.”
The proposed taxes would range from 5% percent to 25%, according to a release on the China Ministry of Commerce website. A number of the goods affected are agricultural-related, while others include various metals and chemicals.