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China has announced it will raise tariffs on $75 billion of U.S. products. It's in retaliation for President Trump's planned Sept. 1st tariff increase on Chinese products.

The official Xinhua News Agency announced the tariffs of 10% and 5% will take effect on September 1st and December 15th. Reuters reporting China will impose an extra 5% tariff on U.S. soybeans starting September 1st, and an additional 10% tariff on U.S. wheat, corn and sorghum starting December 15th. There will also be an additional 10% tariff on U.S. beef and pork on September 1st.

President Trump previously announced plans to raise tariffs on an additional $300 billion of Chinese imports on September 1st. He postponed a portion of that to December 15th.

Earlier this week, a Ministry of Commerce spokesman warned new U.S. tariffs would result in the "escalation of trade frictions."

He called for Washington and China to "meet each other halfway" and settle the trade war.

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