China threatens to retaliate with tariffs on $60 billion worth of US goods in response to Trump's latest trade war threat

Saul Loeb/Pool Photo via AP

US President Donald Trump and Chinese President Xi Jinping, right, arrive for a meeting on the sidelines of the G-20 Summit in Hamburg, Germany, Saturday, July 8, 2017.

• China threatened to impose differential tariffs on $60 billion worth of US goods.
• The move comes after the Trump administration threatened to raise the tariff rate on an additional $200 billion worth of Chinese goods.
• The two countries have already imposed about $34 billion worth of tariffs on each other.

China announced Friday it would hit the US with retaliatory tariffs on about $60 billion worth of goods if the Trump administration continued to escalate a trade war between the two countries.

The tariffs would be imposed at four different tax rates, the Ministry of Commerce said in a statement.

The move comes after President Donald Trump threatened to raise the proposed tariff rate on an additional $200 billion worth of goods to 25% from 10%.

The Trump administration last month enacted a 25% tariff on roughly $34 billion worth of Chinese goods and threatened to slap additional duties on nearly all Chinese imports to the US, prompting Beijing to retaliate in kind.

This story is developing.

Here's a timeline of the US-China trade war so far:

• March 1: Trump announces tariffs on all imports of steel and aluminum , including metals from China.
• March 22: Trump announces the US will soon hit $50 billion worth of Chinese goods with a 25% tariff. China announces tariffsin retaliation for the steel and aluminum tariffs and promises a response to new announcement.
• April 3: The US Trade Representative announces the full list of Chinese goods that could be subject to the tariff. There is a mandatory 60-day comment period for industries to ask for exemptions from the tariffs.
• April 4: China rolls out a list of more than 100 US goods with roughly $50 billion that will be subject to retaliatory tariffs.
• May 19: After a visit from Chinese officials, the two countriesannounce the outline of a deal to avoid the tariffs.
• May 29: The White House announces that the tariffs on $50 billion of Chinese goods will move forward , with the final list of goods released June 15. The move appears to wreck the nascent trade deal.
• June 15: Trump rolls out the final list of goods subject to new tariffs . Chinese imports worth $34 billion will be subject to the new 25% tariff as of July 6, with another $16 billion worth of imports subject to the tariff at a later date. China retaliates with an equivalent set of tariffs.
• June 18: Trump threatens a 10% tariff on another $200 billion worth of Chinese goods.
• July 6 : The first tranche of tariffs on $34 billion worth of Chinese goods goes into effect, China responds in kind .
• July 10: The US releases the initial list of $200 billion worth of Chinese goods that could be subject to a 10% tariff.