China announces new tariffs on US meat and fruit, 128 products total, amid trade war fears

All told, the extra tariffs will hit 128 kinds of U.S. products, multiple outlets reported. The list of new duties matches the proposed list released by the government on March 23, according to Reuters.

At that time, China said the affected U.S. goods had an import value of $3 billion in 2017 and included wine, fresh fruit, dried fruit and nuts, steel pipes, modified ethanol and ginseng.

...

The decision to target $3 billion in U.S. imports is significant, but it's widely seen as a drop in the ocean given the size of the bilateral trading relationship. U.S. goods exported to China in 2016 totaled $115.6 billion, according to official data.

China's retaliation is "a statement of intent ... but it's not an escalation in our opinion," Steve Brice, chief investment strategist at Standard Chartered Private Bank, told CNBC on Monday.

...

Of note, China's trade retaliation is not against Trump's announcement in March that he is planning new tariffs on up to $60 billion in Chinese imports... Observers have suggested that Beijing may be saving stronger retaliatory measures for a response to that White House plan.