China announced 25% retaliatory tariffs on $16 billion of U.S. goods, effective Aug. 23, after the U.S. Trade Representative's Office said it would move forward with imposing 25% tariffs on the same amount of Chinese imports on the same date, the country's Ministry of Commerce said Aug. 8.

The list of products to be hit by the fresh tariffs includes crude oil, coal, gaseous natural gas, cars, optical fiber bundles and optical cables.

The tariffs on $16 billion of Chinese goods mark the second tranche of U.S.-imposed tariffs on imports from China. The first tranche, which went into effect July 6, targeted $34 billion of Chinese goods with a 25% tariff, and coupled with the $16 billion measure, brings the total to $50 billion of Chinese products targeted with tariffs as a result of a Section 301 investigation into Chinese trading practices.