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China retaliates with tariffs on $16 billion worth of U.S. goods

Chinese minister of commerce
Gao Feng, Ministry of Commerce spokesman, speaks at a regular press briefing on July 12, 2018 in Beijing, China. Photo: Li Huisi/China News Service/VCG via Getty Images

The Chinese Ministry of Commerce announced it will levy a 25% tariff on $16 billion worth of U.S. goods, including crude oil and cars, reports CNBC.

Why it matters: This is a tit-for-tat response to the tariffs on $16 billion worth of Chinese goods announced by the Trump administration.