China's announcement came just a day after the U.S. Trade Representative's office released a finalized list of $16 billion worth in Chinese goods that will be hit with tariffs, effective August 23.
The U.S. action that prompted the Chinese retaliation was the latest by President Donald Trump to put pressure on China to negotiate trade concessions, after Washington imposed tariffs on $34 billion USA in goods last month.
Sales at 50 major Chinese retailers fell by 3.9 per cent in July from a year earlier, raising concerns over whether Beijing can push through its plan to ramp up domestic consumption to offset the effects of the intensifying US-China trade war.
China didn't waste time in retaliating, and said today that its tariffs on 333 us products, including crude oil, would also take effect on August 23.
April 3: The US trade representativeannounces a list of Chinese goodssubject to the tariffs. Year-on-year, the growth of China's exports to the USA slowed to 11 percent last month from 12.5 percent in June, while import growth accelerated to 11 percent from 9 percent.
The Trump administration is escalating the trade war between the world's two largest economies by slapping new tariffs on Chinese imports.
Trump's mission to reduce the U.S. trade deficit via the threat of tariffs has brought him into conflict with China as well as USA allies, roiling financial markets and raising fears of a global trade war the International Monetary Fund has warned may undermine the strongest economic upswing in years.
Sales to the USA rose by 13.3%, while China's surplus with the States shrank marginally to $28.1bn (£21.7bn) last month from a record $29bn (£22.4bn) in June.
A US-China trade war will reduce global output by 0.7 percent by 2020, with China's economy taking a 1.3 percent hit and US GDP dropping 1 percent, Oxford Economics said in a research note Tuesday, before the new list was released. Should the United States proceed with those tariffs, China's ready to slap duties on an additional $60 billion of American goods. But it held off on a final $16 billion as a result of concerns raised by U.S. companies.
China's exports to the United States rose 13.3 percent in the first seven months of 2018 from a year earlier, compared with a 13.5 percent rise in Jan-June.
Beijing has retaliated with its own duties on $34bn of U.S. goods.
Last week's Chinese threat to include LNG on a tariff list has already had Chinese LNG end-users and suppliers saying that they would likely deter spot procurement of U.S. LNG cargoes in the near term if the tariff comes into effect.