BEIJING, August 24. /TASS/. China is strongly objecting the US decision to raise import duties on Chinese goods totaling $550 bln, the Ministry of Commerce of China said in a statement on Saturday.

"On August 24, the American side announced that it would increase the rate of import duties on Chinese goods totaling $550 bln. The Chinese side is strongly objecting it," the statement said.

The document describes the US actions as "a unilateral and humiliating protectionism," "behavior that puts pressure on peace and justice, violates the agreements between China and the United States, as well as undermines mutual respect."

"This violates the principle of equality and mutual benefit, causing serious damage to the multilateral trading system," the statement said.

"China urges the US side to stop underestimating the situation," the document says.

Earlier Reuters reported that the US President Donald Trump on Friday lashed back at a new round of Chinese tariffs by heaping an additional 5% duty on some $550 bln in targeted Chinese goods in the latest tit-for-tat trade war escalation by the world’s two largest economies.

According to the American leader, from October 1, import duties on Chinese goods in the amount of $250 bln, will amount to 30% not 25% as it was earlier planned. The remaining goods from China in the amount of $300 bln, which were subject to tariffs of 10%, will be subject to tariffs of 15%.