© Reuters. FILE PHOTO: Shipping containers are stacked at the Paul W. Conley Container Terminal in Boston

By Brenda Goh

SHANGHAI (Reuters) – Chinese state media on Thursday accused the United States of a “mobster mentality” in its move to implement additional tariffs on Chinese goods, and warned Beijing had all the necessary means to fight back.

The comments mark a ratcheting up in tensions between the world’s two largest economies over a trade dispute, which is already impacting industries ranging from steel to cars and causing unease over which products could be targeted next.

Beijing late on Wednesday said it would slap additional tariffs of 25 percent on $16 billion worth of U.S. imports, in retaliation to news the United States plans to begin collecting 25 percent extra in tariffs on $16 billion of Chinese goods from Aug. 23.