Trade tensions between China and the US are escalating. Beijing is responding to Washington's new proposal to impose more tariffs on 100-billion-dollars worth of goods. CGTN's Grace Shao has the latest.

Washington announced an official statement on Thursday, stating that President Trump has instructed the US Trade Representative to consider 100 billion US dollars worth of additional tariffs on Chinese products. The Chinese Ministry of Commerce was quick to respond.

GAO FENG, SPOKESPERSON MINISTRY OF COMMERCE "We don't want a trade war, but we are not afraid of it. Regarding the US statement. We will watch and see. If the US continues to ignore objection from China and the international community and insist upon unilateral decisions and protectionism, then China will fight on at all costs. China will conduct new corresponding measures to defend the national and people's interest."

Though both the Commerce and Foreign Affairs ministries have reiterated their hope to avoid a trade war, both are adamant about their readiness to fight back if necessary, and at any cost. Tensions are high and have been escalating quickly over the past few days. The Trump administration's proposed tariffs on a list of thirteen-hundred Chinese products worth around 50 billion US dollars on Tuesday include transportation products, communications satellites, industrial lasers and robots, commercial and household electronics.

In response, China retaliated with a list of its own, slapping 50 billion dollars worth of reciprocal tariffs on 106 US products. This includes agricultural products such as soybeans, cars, aircraft, and chemical products.

On top of that, China said it has filed an official complaint to the WTO following the decision by the U.S. to impose tariffs on steel and aluminum.

GRACE SHAO BEIJING "The back and forth shows the Chinese government's determination to fight back in any trade war, but reiterating that a trade war will benefit no one. Some economists say American consumers may see an increase in prices if the U.S. moves forward with proposed tariffs on Chinese products. But other economists say that even if American consumers pull back on buying goods imported from China, the impact on the U.S. economy will be minimal. Grace Shao, CGTN, BEIJING."