China’s government is responding to the latest tariffs levied by the Trump administration with its own set of tariffs targeting American soybeans, cars, and other exports.

The Washington Post reports that Beijing announced a plan Wednesday to implement 25 percent tariffs on imports of U.S. soybeans, airplanes, and automobiles in a package that totals about $50 billion of U.S. goods.

The Post reports that South Korea’s main stock exchange slid more than 1 percent on the news, while European markets also opened lower as a result of the announcement.

The announcement comes just a day after the White House announced a similar $50 billion tariff package targeting China over what it says are unfair trade practices, with 25 percent tariffs being leveled on imports of Chinese electronics, shoes, furniture, and other goods.

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