China-US Trade Tariffs: Beijing to impose additional tariffs on $50 billion of US imports

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01:53

We begin with the latest in trade between China and the United States. And this time, Beijing is pushing back -HARD-, with its own list of US products that will be subject to a tariff of twenty-five percent. Natalie Pang has more.

659 American products worth about 50 billion US dollars, China says these retaliatory tariffs will go into effect on July 6th.

Beijing is pushing back after the US president imposed duties of equal value against his biggest trading partner.

DONALD TRUMP US PRESIDENT "We're putting tariffs on $50 billion worth of technology and other things, because we have to -- because we've been treated very unfairly."

Just weeks ago, the two countries had agreed to drop tit-for-tat duties against each other. China says the US reversal of past agreements will damage the interests of both sides and ignite a trade war.

GENG SHUANG SPOKESPERSON, CHINESE FOREIGN MINISTRY "If the US side adopts any unilateral protectionist measures and damages China's interests, we will immediately react and take necessary measures to firmly safeguard our legitimate rights and interests."

These measures include farm produce and vehicles -- two mainstays of the US economy.

China will also suffer 25 percent tariffs on more than 800 products and proposed duties on nearly 300 tech goods that will undergo further review before a final decision is made.

Experts have pointed out that Washington's protectionist stance is not a long term view.

LI YONG SENIOR FELLOW, CHINA ASSOC. OF INT'L TRADE "However, these current tensions are impacting bilateral trade, and the trickle-down effects to other economies will definitely be felt. And for how long that will last, it's anyone's guess. Natalie Pang, CGTN."