China slaps tariffs on $60B worth of US goods in response to Trump's taxes

China will levy tariffs on about $60 billion worth of US goods in retaliation for the latest round of US President Donald Trump's tariffs on Chinese products.

But China has reduced the level of tariffs that it will collect on the products.

The tit-for-tat measures are the latest escalation in an increasingly protracted trade dispute between the world's two largest economies.

On Monday, the US administration said it will begin to levy new tariffs of 10 percent on $200 billion of Chinese products on September 24, with the tariffs to go up to 25 percent by the end of 2018.

Previously, Trump threatened to hit those goods with 25 percent tariffs immediately.

TRT World's Patrick Fok in Hong Kong and Jon Brain in Washington discuss the latest in the tit-for-tat trade war.

"China is forced to respond to US unilateralism and trade protectionism, and has no choice but to respond with its own tariffs," the Finance Ministry said in a statement on its website late on Tuesday.

China will levy tariffs on a total of 5,207 US products, at 5 and 10 percent, instead of the previously proposed rates of 5, 10, 20 and 25 percent, even as the products remain unchanged from the previous plan, the Finance Ministry said.

China will impose a 10 percent tariff on US products it previously designated for a rate of 20 and 25 percent, and 5 percent tariffs on goods previously under the 5 and 10 percent rates.

Items previously designated to be hit by 20 or 25 percent tariffs included products ranging from liquefied natural gas and mineral ores to coffee and various types of edible oil. Those goods will now be taxed 10 percent.

Goods previously marked under the 10 percent category included products such as frozen vegetables, cocoa powder and chemical products. Those products will now be taxed 5 percent.