China to apply tariffs on $34 billion of U.S. goods in July

China is introducing $34 billion worth of tariffs on U.S. goods in early July, according to China's Ministry of Finance, which said the U.S. has violated "the legitimate rights and interests of our country."

The big picture: Earlier Friday, the Ministry said in a separate statement that it would be retaliating with "the same scale and the same strength" to the Trump administration's new tariffs on $50 billion worth of Chinese goods. The tariffs, more of which will come at a later date, will focus on "agricultural products, automobiles, and aquatic products."