China hits back: It will implement $60 billion in tariffs on the US effective Sept. 24

China said it will institute new tariffs on U.S. goods worth $60 billion on Sept. 24, according to a Reuters report.

The media outlet said the Asian country’s tariff rate on a list of 5,207 U.S. products will range between 5 percent and 10 percent.

On Monday, President Donald Trump‘s administration announced it will impose 10 percent tariffs on about $200 billion of imports from China effective Sept. 24. Trump, in a statement, said that the tariffs would rise to 25 percent on Jan. 1, 2019.

Chinese President Xi Jinping attends an event commemorating the 200th birth anniversary of the founding father of communism Karl Marx in Beijing, China May 4, 2018.

Jason Lee | Reuters
Chinese President Xi Jinping attends an event commemorating the 200th birth anniversary of the founding father of communism Karl Marx in Beijing, China May 4, 2018.

Earlier on Monday, White House economic advisor Larry Kudlow said Trump has “not been satisfied” with the trade talks with China.

The world’s two largest economies have already applied tariffs to $50 billion of each other’s goods.

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