US launched 'biggest trade war in economic history', alleges China

China has alleged the United States (US) of commencing "the biggest trade war in economic history" as both the countries slapped tariffs worth billions of dollars on each other's exports.

US' trade war with China officially began on Friday as the Trump administration imposed tariffs of USD 34 billion on Chinese imports, escalating a fight that could hurt companies and consumers in both the countries.

Chinese goods being hit by US levies include cars, computer disk drives, pump and valve parts and LEDs.

This prompted Beijing to respond with levies on US imports.

"China is forced to strike back to safeguard core national interests and the interests of its people," CNN Money quoted Chinese Commerce Ministry, as saying in a statement on Friday.

It also accused the US of resorting to "typical trade bullying."

China's retaliatory tariffs on the US goods would immediately go into effect on exports like soybeans, seafood, SUVs and crude oil.

Beijing previously issued a list of American commodities, including soybean and electric cars, worth $34 billion, which it said would be subject to 25 per cent tariffs.

United States President Donald Trump on Thursday said that the first wave of tariffs of USD 34 billion in goods would be swiftly followed by another penalty on Chinese goods worth USD 16 billion.

The United States president went on to threaten Beijing with escalating tariffs on as much as $450 billion worth of Chinese goods.

The Trump administration has been recently slapping tariffs on other countries, claiming that the US was "being treated unfair on trade," raising grave concerns of a global trade war.

The US had announced imposition of 25 and 10 percent tariffs on steel and aluminium respectively on three of its biggest trading partners - Canada, Mexico and the European Union on May 31.

In retaliation, the EU and Canada slapped tariffs in a tit-for-tat move.

Last month, the EU imposed tariffs on American goods worth USD 3 billion such as yachts, bourbon and motorcycles.