The new tariffs will be imposed on USD 200 billion worth of additional products.

A few days ago, both China and the US had paced retaliatory tariffs of USD 34 billion worth of goods.

"The behaviour of the US is hurting China, hurting the world and hurting itself," China's commerce ministry said in a statement.

The fresh development is bound to fuel the trade war between the two countries.

China is expected to ht back with fresh tariffs, as the ministry spoke about counter measures.

Meanwhile, the Asian stock markets endured a bearish trend on Wednesday.

"In China, Hong Kong's Hang Seng index dropped 1.5%, while the Shanghai Composite fell 1.8%. Japan's benchmark Nikkei 225 index shed 1.2%," the BBC reported.

The White House, however, has maintained 'unfair trade practices by China' as its reason to hit the Asian country with the tariffs.

US Trade Representative Robert Lighthizer said, "As in the past, the United States is willing to engage in efforts that could lead to a resolution of our concerns about China's unfair trade practices and to China opening its market to US goods and services."

"In the meantime, we will remain vigilant in defending the ability of our workers and businesses to compete on a fair and reciprocal basis."

However, the general view in the US is different from the federal government's, where, many companies believe that very little will be achieved by imposing additional tariffs.

Apart from the USD 34 billion tariffs, US President Donald Trump is planning an additional tariffs on another USD 16 billion worth of products, which could come into play later this month.

Image: Wallpaper