BEIJING (REUTERS) – China will have to take countermeasures if the United States is bent on putting more tariffs on Chinese goods, the Chinese Foreign Ministry said on Friday (Aug 2).
China doesn’t want a trade war, but it isn’t afraid of fighting one, Ms Hua Chunying, spokesman for the foreign ministry, said at a daily press briefing.
US President Donald Trump on Thursday vowed to put additional 10 per cent tariffs on US$300 billion (S$413 billion) of Chinese imports from Sept 1, sharply escalating a bruising trade war between the world’s two largest economies and rocking financial markets.
The additional duties will extend Mr Trump’s trade tariffs to nearly all of the Chinese goods that the US imports and mark an end to a truce in a year-long trade row that has slowed global growth and disrupted supply chains.
Mr Trump also threatened to further raise tariffs if Chinese President Xi Jinping fails to move more quickly to strike a trade deal.
Source: Read Full Article