China is readying itself to counter the trade war with tariffs on about $60 billion worth US goods, reported CNBC.

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The Chinese government said that the import taxes would range in rates from 5 percent to 25 percent.

"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's release said. "Any unilateral threat or blackmail will only lead to intensification of conflicts and damage to the interests of all parties."

China has planned to impose these new tariffs if the US places more tariffs on Chinese imports. President Donald Trump is considering the U.S. raise proposed tariffs on $200 billion of Chinese goods to 25 percent from the 10 percent rate his administration is currently mulling, the administration announced Wednesday, the report said.