TRADE WAR: China fires back with £46BN in tariffs as it warns Trump ‘DON’T threaten us’

Beijing ratcheted up the conflict by unveiled new taxes on more than 5,200 American-made products including beef, coffee and some aircraft.

In a message to the White House, China’s finance ministry said exactly when the tariffs would come into force would depend on Washington’s response.

A statement said: ”Any unilateral threat or blackmail will only lead to intensification of conflicts and damage to the interests of all parties.

“The US side has repeatedly escalated the situation against the interests of both enterprises and consumers.

“China has to take necessary countermeasures to defend its dignity and the interests of its people.”

The trade war between the two superpowers has escalated in recent months after Donald Trump’s administration imposed tariffs on $34bn of Chinese goods in July.

In the weeks that have followed, both sides have matched each other’s levies with retaliatory measures with no end in sight.

President Trump has threatened to up the ante further by slapping £150bn ($200bn) worth of Chinese goods with levies of up to 25 percent.

He has previously warned he is prepared to “go to 500”, a reference to the £384bn ($500bn) worth of goods Chinese firms sold to the US last year.

By comparison, companies in America sold £100bn ($130bn) of goods to China during the same period.

Today’s new tariffs are set at levels of 25, 20, 10 and five percent.

They will apply to 5,207 American-made goods, including a range of agricultural products such as vegetable oils, smoked and salted beef, wheat flour and wine.

These taxes come as similar levies on agricultural goods have been imposed by the European Union, Canada and Mexico in retaliation to Mr Trump’s tariffs on steel and aluminium.

The president’s widening trade wars have concerned some American farmers who are worried about the effect the feuds will have on their bottom line.

In response, the White House has made £9bn ($12bn) in aid available to farmers hurt by the levies.

While the tariffs imposed by the EU still remain in place, the bloc has agreed not to implement more while negotiators from Washington and Brussels attempt to thrash out a deal.