China is not likely to retaliate against President Trump‘s threatened new tariffs by applying new tariffs of its own, because it has already put tariffs on almost all the American goods it imports. Instead, it is likely to raise tariff rates and limit access to markets in other ways.

Beijing has to date placed tariffs of 5% to 25% on about $110 billion worth of U.S. goods, which is close to the total amount of it imports annually. It has only an estimated $10 billion worth of U.S. imports left that it could place new tariffs on, according to Census Bureau data. Crude oil and aircraft are two of the largest remaining industries.