China to levy tariffs on $50 bil. of U.S. goods, trade war looms

China said Wednesday that it plans to impose tariffs on altogether $50 billion worth of 106 U.S. products, as a tit-for-tat retaliatory measure in what could be a potentially fast-developing trade war between the world's two largest economies.After that announcement by the Finance Ministry, the Commerce Ministry said it has filed a challenge against the proposed U.S. tariffs with the World Trade Organization.China has expressed eagerness to resolve trade disputes with Washington through dialogue. But if negotiations falter, retaliatory trade protectionism could proliferate, dragging down th…READ FULL ARTICLE