Beijing imposed broad tariffs on imports of American food and said that 15 U.S. companies could no longer buy from China without special permission.

China on Tuesday imposed additional tariffs of up to 15 per cent on imports of key US farm products including chicken, pork, soy, and beef. These new tariffs on the US will be in force from March 10.

China has decreased its reliance on imports of U.S. farm goods since the trade war during President Donald Trump's first term, a trend that is poised to continue after Beijing on Tuesday announced tariffs on a range of agricultural products in response to fresh U.

Beijing said it was “strongly dissatisfied” with President Donald Trump’s move to raise tariffs on Chinese goods and said it would “take countermeasures.”

China is firmly opposed to the White House’s additional 10% tariff on Chinese imports and will take countermeasures to protect its interests, a Ministry of Commerce spokesperson said Tuesday morning Beijing time.

China may introduce a round of retaliatory tariffs against the United States if Washington follows through on threats to raise duties on Chinese imports by another 10 per cent, Goldman Sachs has predicted.

China’s emergence as a rival to the US in artificial intelligence and Xi’s decision to bring high-profile entrepreneurs back in from the cold have unleashed a much-needed wave of optimism in the economy.