Chinese Authorities today announced that it plans to hit United States with new tariffs of 25 percent on soybeans, airplanes, cars and other imports worth $ 50 billion, just hours after US released its own list.

China warned that under the new tariffs more than 106 products will be affected and the date of implementation will be announced shortly.

United States today imposed 25 percent tariff worth $ 50 billion on more than 1,000 Chinese made products – from semiconductors to lithium batteries – focused mainly on high tech industries. Chinese Authorities had warned that it will respond to the US tariffs on an equal scale.

Extra tariffs will also be slapped on products such as whisky, cigars and tobacco, some types of beef, lubricants, and propane and other plastic products, the finance ministry said in its statement. U.S. orange juice, certain sorghum products, cotton, some types of wheat, as well as trucks, some SUVs, certain electric vehicles, will also be subject to the new duties, the finance ministry said.

US is the world’s largest producer of soybeans, and has the highest acreage of soybean production surpassing maize during the current year. The US farmers and land growers are expected to be hit worst by this new tariff who eye China as the key market for their agricultural exports.

The new tariffs war has started off unabated as global leaders urge both countries to look at the long term picture and diplomatically resolve the said issues without taking economic relations to a point of no return.

Global Equities have also reacted negatively to the escalating trade war between the two global giants as CAC, DAX and FTSE were down at open today.