China says it will retaliate with tariffs on $60 billion in US goods

China is preparing to retaliate in the escalating trade war with tariffs on about $60 billion worth of U.S. goods.

The import taxes would range in rates from 5 percent to 25 percent, China's Ministry of Commerce said in a release on its website. There are four lists of goods, one for each of the rates proposed. Many of the goods are agricultural-related, with others on various metals and chemicals.

"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, according to a translation. "Any unilateral threat or blackmail will only lead to intensification of conflicts and damage to the interests of all parties."

China declared it will impose these new tariffs if the U.S. 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.