This article was originally published on ETFTrends.com.
After the United States announced on Wednesday that it was considering an increase in tariffs on $200 billion worth of Chinese goods from 10% to 25%, China is preparing a $60 billion tariff retaliation on U.S. goods. However, the news hasn't stymied the markets as the Dow Jones Industrial Average was up 80 points, while the Nasdaq Composite and S&P 500 were both up about seven points as of 10:45 a.m. ET.
"The implementation date of the taxation measures will be subject to the actions of the US, and China reserves the right to continue to introduce other countermeasures," China said in a release. "Any unilateral threat or blackmail will only lead to intensification of conflicts and damage to the interests of all parties."
The proposed taxes would range from 5% percent to 25%, according to a release on the China Ministry of Commerce website. A number of the goods affected are agricultural-related, while others include various metals and chemicals.
Related: China: Your Top Questions Answered by Industry Experts
U.S. President Donald Trump is attempting to impose duties in order to force China to abandon their alleged unfair practices and potentially reach a new trade deal. Press Secretary Sarah Sanders responded to the latest tariff threat from China on behalf the Trump administration.
"Instead of retaliating, China should address the longstanding concerns about its unfair trading practices, many of which are laid out in USTRs 301 report," Press Secretary Sarah Sanders said.
With trade wars looming, the markets forged on with the Dow led by IBM and Pfizer both gaining 4% collectively. The Nasdaq was propped up by Take-Two Interactive Software gaining 11.8% and Kraft Heinz Co gaining 8.1%.
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