China hits back at the US with announcement of reciprocal import tariffs on US imports worth $3 billion. China plans to levy tariffs on US pork, steel pipes, recycled aluminium and fruit and wine. US levied import tariffs on Chinese imports worth $50 billion apart from the import levy on aluminium and steel. China is the largest producer of both the commodities. The announcements have already sent the world equity markets tumbling down. Economists fear that besides the tariff imposition, China can also hurt the US manufacturers with supply chain disruptions. Business groups ranging from Walmart to Amazon and world central banks, like the Bank of England, have already cautioned on the negative impact of these trade policies.