China announces 25% tariffs on $16 billion worth of US goods including crude oil and cars

Qilai Shen | Bloomberg | Getty Images

Chinese President Xi Jinping at the Boao Forum for Asia Annual Conference in Boao, China, on April 10, 2018.

China said Wednesday it will retaliate against the latest round of U.S. tariffs on Chinese imports.

The Chinese Ministry of Commerce announced a 25 percent charge on $16 billion worth in U.S. goods. The goods being targeted by China include crude oil and cars.

China’s announcement comes 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. The U.S. charges will take effect on Aug. 23. The latest U.S. list brings the total worth of Chinese goods facing a 25 percent tariff to $50 billion.

Tensions between the U.S. and China have been simmering in recent months as the Trump administration takes a more protectionist stance when it comes to trade.

This story is developing. Please check back for updates.