China announced on Wednesday that it will impose countermeasures against 12 American companies and their senior executives, as trade tensions between the world’s two biggest economies mount.

The retaliatory measures will include freezing movable, immovable, and other types of assets in China.

This comes in retaliation to the White House announcement on May 14, stating that the US will hike tariffs on Chinese chips and electric vehicles.

Reports are crossing the wires now that many of those tariffs will be effective from 1 August. Further, it is reportedly said that there will be public comments on new China tariffs, with June 18 as the deadline.