China is running out of U.S. products to target in their trade war

The latest battle in this year's U.S. vs. China trade war is the most brutal yet.

President Trump imposed new tariffs on $200 billion in Chinese goods Monday, The Washington Post reports. China has promised to respond to levies with fresh tariffs of its own, and immediately kept its word by imposing tariffs on $60 billion in American goods.

The escalating trade war, which Secretary of State Mike Pompeo said the Trump administration is "determined to win," has reached such heights that China is running out of American products to target, reports the Post. China's government accused the U.S. of "trade bullying," after canceling trade talks due to the rising economic tensions.

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Trump has shown no sign of reining in the punitive duties. Pompeo predicted that "we're going to get an outcome which forces China to behave," but the Chinese government on Monday castigated the U.S. for "attempting to impose its own interests on China through extreme pressure." Trump has said that retaliatory tariffs would simply lead him to levy additional taxes on $267 billion in Chinese products. Once China runs out of American goods to hit, officials expect "qualitative" retaliation like slowing the process for visas and licenses.

Thousands of imports are now being taxed up to 10 percent, a cost absorbed by American consumers. Read more at The Washington Post.