Dow plunges as China slaps tariffs on $60 billion in U.S. imports
1 / 3The Chinese countermeasures are the latest salvo in a bruising trade war between Washington and Beijing that has spooked global marketsThe Chinese countermeasures are the latest salvo in a bruising trade war between Washington and Beijing that has spooked global markets Beijing - China said Monday it will raise tariffs on $60 billion worth of US goods from June 1, in retaliation for the latest round of US tariff hikes and Washington's plans to target almost all Chinese imports.
"China's adjustment of tariff-adding measures is a response to US unilateralism and trade protectionism," the statement said, adding that it hoped the US would work with China towards a"win-win agreement". In addition to tariff hikes, China could also use other measures to hit back at the United States, as it imports fewer US products -- which limits its ability to match tariffs dollar-for-dollar.
"As for the trade war launched by the US side, China has long expressed that it is unwilling to fight, but it is not afraid to fight, and it has to fight when necessary," China's main broadcaster, the state-run CCTV, added.
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