BEIJING—China stepped up its trade fight with the U.S., retaliating against proposed tariffs on Chinese goods by targeting high-value American exports, from airplanes to soybeans, in a tactic Beijing officials say is meant to secure a truce.
Hours after the Trump administration unveiled plans to impose tariffs of 25% on Chinese products worth $50 billion, China’s State Council announced Wednesday that it would levy penalties of the same rate on U.S. goods of a similar value.
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