China's finance ministry said it would impose levies of 15% for U.S. coal and 10% for crude oil, farm equipment and some cars.

The world’s two largest economies did not cut a deal to avert sweeping U.S. tariffs, which came into effect after midnight. Beijing immediately retaliated.

US President Donald Trump’s new China tariffs, effective Tuesday, also target Hong Kong products, the US government has said. On Saturday, President Trump announced an additional 10 per cent levy on all goods from China,