China has announced a date for the extension of its retaliatory tariffs against the U.S.’ trade wars.

Aside from the country’s previously announced counter-measures, China will now set an additional set of tariffs on $16 billion worth of imports.

The tariffs are set to be imposed on the U.S. on August 23rd. The rates will be as high as 25% of the products’ costs, and the tariffs are quite similar to those implemented by the Trump administration.

The White House is set to impose 10% tariffs on $200 billion worth of Chinese products, and the country could raise its rates further. If the U.S. does raise its rates, China will implement tariffs to $60 billion worth of products.

Wang Tao, the head of China economic research at UBS AG in Hong Kong, stated:

“We’re not yet past the point of no return but we’re edging closer to it. The risk is that the U.S. administration’s gamble to strong-arm China into giving into all U.S. demands without some compromise only leads to successive rounds of higher and higher tariffs.”

China has consistently attempted to negotiate with the White House. During a summit in Buenos Aires last month, U.S. Treasury Secretary Steven Mnuchin was the only present representative which didn’t see trade wars as a matter for concern. The meeting was thus disappointingly uneventful.

To make matters even worse, President Donald Trump has threatened to implement tariffs on all Chinese imports. This decision would almost triple the current amount of products being affected, and it would be catastrophic for both countries’ economies.

However, as of now, China has not seen the full effect of trade wars on its market. In fact, the country’s exports and imports both grew much more than expected in July. This means that the international market is still confident in China’s potential.

The newly revised list of affected Chinese products will now include coal, medical instruments, waste products, cars, and buses. The U.S.’ tariffs and China’s retaliatory measures are set to take effect at the same time.

Featured Image via Wikipedia