China Hits Back at Trump's Trade Tariffs With $50 Billion Hike on U.S. Goods

China announced boosted tariffs on U.S. goods including soybeans, aircraft and vehicles worth an estimated $50 billion Wednesday, retaliating for a similar scale hike on Chinese merchandise proposed by the Trump administration in response to alleged Intellectual Property theft, in the latest salvo of what business leaders fear may now escalate into a full-scale trade war.

On Tuesday, the Trump administration published a list of some 1,300 Chinese products it plans to slap with a 25% tariff.