China said it will hit back the US with the same amount of tariffs after Washington imposed 25 additional duties on Chinese goods worth $34 billion… reports Asian Lite News
Even if the Chinese Commerce Ministry said it was forced to respond in kind to the US, which has waged “largest trade war in economic history”, it did not specify about the date and timing of the tariffs.
With the Chinese tariffs taking effect, the trade war between the two largest economies in the world will be on.
“The US has ignited the largest trade war in economic history,” a ministry spokesperson said in a statement.
“The Chinese side, having vowed not to fire the first shot, is forced to stage counter-attacks to protect the core national interests and interests of its people.”
These tariffs violate the World Trade Organization (WTO) rules and represent a typical “trade bully”, posing a grave threat to the security of global industry and value chains, the statement said.
Moreover, it will hamper global economic recovery and trigger global market turmoil while dealing a blow to many multinationals, enterprises and ordinary consumers.
Instead of serving the interests of US companies and people, the move will prove to be counter-productive and damaging.
The ministry said China will report the relevant situations to the WTO in time and stand with other countries in defending free trade and multilateral mechanisms.