China has said it will impose tariffs on $60bn (£46bn) of US goods from 1 June, extending a bilateral trade war.
The move comes three days after the US more than doubled tariffs on $200bn of Chinese imports.
Earlier, US President Donald Trump denied that US consumers would pay for higher tariffs on Chinese imports and warned China not to follow suit.
But Beijing said it would not swallow any “bitter fruit” that harmed its interests.
China has raised tariffs on more than 5,000 US products, with the new rates ranging from 5% to 25%.
The move was announced in a statement by the Tariff Policy Commission of China’s cabinet, the State Council.
Chinese foreign ministry spokesman Geng Shuang told a news briefing in Beijing that China would “never surrender to external pressure”.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.