China said on Tuesday that it had no choice but to retaliate against new U.S. trade tariffs, raising the risk that U.S. President Donald Trump could soon impose duties on virtually all of the Chinese goods that America buys.

The Chinese commerce ministry’s statement came hours after Trump said he was imposing 10 percent tariffs on about $200 billion worth of imports from China, and threatened duties on about $267 billion more if China retaliated against the U.S. action.

China said it will institute new tariffs on U.S. goods worth $60 billion on September 24. 

The world's two largest economies have already applied tariffs to $50 billion of each other's goods.

A senior Chinese securities market official said U.S. trade actions will not work as China has ample fiscal and monetary policy tools to cope with the impact. The government already has been ramping up spending on infrastructure.

Read more in Reuters and CNBC.