China announced on Wednesday that it will retaliate against the United States’ latest round of tariffs on Chinese imports with its own 25% charge on $16 billion worth of U.S. goods.
The retaliatory tariffs will affect 333 goods, including large passenger vehicles and motorcycles. Other additional items affected include various fuels, fiber optical cables, coal, Vaseline, grease, plastic products, asphalt products, and recyclables.
In this latest tit-for-tat trade war between the United States and China, the announcement came after the U.S. finalized a list of $16 billion worth in Chinese goods targeted for tariffs, which will take effect on Aug. 23. In total, 25% tariffs on $50 billion of Chinese goods have been affected.
“This is tit-for-tat exactly,” said Art Hogan, chief market strategist at B. Riley FBR. “Our $16 billion comes at a scheduled time, which comes up on the 23rd. China said we see your $16 billion and we’ll match your $16 billion.”