(CNN)The trade fight between the United States and China intensified Monday as the two economic superpowers hit each other with their biggest round of tariffs yet.
The Trump administration imposed new 10% tariffs on $200 billion of Chinese goods just after midnight ET (noon in Beijing), spanning thousands of products, including food seasonings, baseball gloves, network routers and industrial machinery parts. China retaliated immediately with new taxes of 5% to 10% on $60 billion of US goods such as meat, chemicals, clothes and auto parts.
The moves are a significant escalation in the growing conflict between the world’s top two economies.
“We are squarely in the midst of the ‘it’ll get worse before it gets better’ phase,” Aninda Mitra, senior sovereign analyst at BNY Mellon Investment Management, said in a note after the latest tariffs were announced last week.
President Donald Trump‘s waves of new tariffs on China now apply to over $250 billion of Chinese goods, roughly half the amount the country sells to the United States. The latest round affects thousands of products bought by US consumers, including hundreds of millions of dollars of furniture and electronics imports. The US tariffs imposed earlier in the year mostly hit industrial goods.