After China warned it would retaliate, Trump threatened tariffs on a further $100 billion of Chinese products.
The Commerce Ministry says "the Chinese side doesn't want to fight a trade war, but facing the shortsightedness of the USA side, China has to fight back strongly".
The announcement states that the tariffs on 545 items including automobiles, and agricultural and marine products will be imposed beginning on July sixth and the enforcement date for the other 114 items will be announced at a later date.
White House had earlier announced a 25 percent tariff on $50bn worth of Chinese goods over "unfair trade practices".
The tariffs will come in two steps, beginning with duties on 545 USA products worth $34 billion that will be focused on farm goods, cars and seafood, Xinhua said. The $50 billion in tariffs will likely mean just a tenth of a percentage point hit "at most" on annual USA economic growth and a similar jump in overall consumer prices, according to data from Barclays, the British bank. China "has noticed the USA statement" and "reserves its rights to take corresponding measures", a government official said, according to Xinhua.
China responded swiftly, saying it has imposed "equal" tariffs on USA products.
US Trade Representative Robert Lighthizer said the US would begin collecting duties on 818 Chinese imports valued at $34 billion as of July 6.
The tariffs will be imposed on farm products, autos and seafood, the Journal report says. The Chinese government warned after another round of talks June 3 that it would discard those deals if the tariffs went ahead. "We will immediately launch tax measures of equal scale and equal strength", the Ministry of Commerce said in a statement on its web site which also called on other countries to "take collective action" against this "outdated and backwards behaviour".
Soybeans are a key United States export to China, an economic tie that makes the back-and-forth between the U.S. and China a source of anxiety throughout the American farming belt.
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A ministry statement isn't giving details, but a $50 billion list of possible targets announced in April included soybeans, light aircraft, orange juice, whiskey and beef.
The U.S., Europe, Japan and other trading partners complain Beijing's tactics including outright theft of foreign technology and subsidies and protection from competition for fledgling Chinese industries.
President Donald Trump is sharply escalating a confrontation with China over trade.
China had previously said it would respond to American tariffs on Dollars 50 billion worth of Chinese exports with retaliatory tariffs on USD 50 billion of U.S. products such as cars, aircraft and soybeans.Trump's first announced that the United States would impose trade penalties on about USD 50 billion of Chinese goods in March.
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After the G7 summit, Trump sent out an angry pair of tweets in which he slammed Canadian Prime Minister Justin Trudeau as "very dishonest & weak", and ordered USA representatives not to sign a joint communique with the G7 leaders.
Earlier Saturday, President Trump announced a plan to levy 25 percent tariffs on Chinese goods worth 50 billion dollars. American officials said they would suspend threatened tariff increases on up to $150 billion of Chinese goods.
It comes in the aftermath of Trump's nuclear summit with North Korean leader Kim Jong Un (kim jawng oon) and his push for China to maintain economic pressure on the North.
Trump's decision to move forward with tariffs on China follows his recent imposition of steep tariffs on steel and aluminum imports from Canada, Mexico and the European Union on national security grounds.