Beijing retaliated quickly after Trump further raised tariffs on Chinese goods, a major escalation in the trade war between the world’s two largest economies.

China's commerce ministry on Tuesday voiced opposition against a U.S. decision to impose tariffs on Chinese products related to fentanyl and other issues, vowing countermeasures that it said were aimed at safeguarding its rights and interests.

China on Tuesday swiftly retaliated against fresh U.S. tariffs, announcing 10%-15% hikes to import levies covering a range of American agricultural and food products, moving the world's top two economies a step closer toward an all-out trade war.