Chinese President Xi Jinping and President Donald Trump greet attendees waving American and Chinese national flags during a welcome ceremony outside the Great Hall of the People in Beijing, China, on Nov. 9, 2017.

The latest round of tariffs targeting U.S. and Chinese goods went into effect Monday, raising the stakes in an escalating trade war between the world's two largest economies.

President Donald Trump's administration levied tariffs of 10 percent on $200 billion of Chinese products that include furniture and appliances, with the rate set to increase to 25 percent by the end of the year. It is Washington's third tranche of China-focused levies and part of a strategy to pressure Beijing into changing trade practices that Trump has claimed hurt American companies.

In response, Chinese President Xi Jinping's government said it would impose taxes on 5,207 U.S. imports worth about $60 billion. Products such as liquefied natural gas, coffee and various types of edible oil will see a 10 percent levy while a 5 percent tax will be imposed on items such as frozen vegetables, cocoa powder and chemical products, Beijing said.

The U.S. and China have already applied tariffs to $50 billion of each other's goods — moves that threaten to derail global supply chains.

Hours after the new tariffs took place, Chinese state news agency Xinhua accused the U.S. of "trade bullyism." The media outlet also said Beijing was willing to go back to the negotiating table with Washington if discussions were "based on mutual respect and equality," Reuters reported.