Trump administration will impose tariffs on $200 billion in Chinese goods

(CNN)President Donald Trump is sharply escalating the American trade war with China.

The United States will impose a 10% tariff later this month on $200 billion worth of Chinese goods, increasing to 25% at the end of the year, the Trump administration announced Monday. The additional tariffs are on top of penalties enacted earlier this year on $50 billion worth of Chinese goods. Taken together, it means roughly half of the products that China sells to the United States each year will be hit by American tariffs on China.