China considering retaliation with tariffs on $60 billion of US goods

China is preparing to retaliate in the escalating trade war with differentiated tariffs on about $60 billion worth of U.S. goods.

The import taxes would range in rates from 5 percent to 25 percent, the Chinese government said.

China declared it will impose these new tariffs if the U.S. places more tariffs on Chinese imports and that these tariffs are necessary to protect its interests.