Marking another move in a trade battle, China announced it was raising tariffs on $60 billion of U.S. goods in retaliation for the latest hike in U.S. tariffs on its exports.
, earlier tweeted that China’s countermeasures would be carefully designed to ensure that its plan “hits the U.S. while minimizing damage to itself.”on $200 billion in Chinese goods from 10% to 25%, a step that could threaten some Chinese companies heavily reliant on American exports.
The onset of those new duties ended a trade cease-fire agreed to by President Trump and Chinese President Xi Jinping six months ago. I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China. You had a great deal, almost completed, & you backed out!With the U.S. threatening steps to impose tariffs on an additional $325 billion in goods, Hu earlier tweeted that such a step would end a stalemate that China would not lose, because of its political system.
Other state media took a similar line. An opinion piece in the People’s Daily condemned Washington’s “reckless leap into the dark” and said China would never compromise on matters of principle. “The U.S. wielded the tariff stick once again because it misjudged China’s strength, capability and will power. By further escalating the trade tensions, does it really want to push its trade ties with China to breaking point?” read a piece under the byline Zhong Sheng, a pen name often used by the daily to express its opinions on foreign policy.
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