China to hit back if US hikes tariffs
Beijing: China on Wednesday said that it would hit back if the US increased tariffs from 10 per cent to 25 per cent on Chinese goods worth $200 billion.
In a late night post, the Chinese Commerce Ministry said: “The escalation of trade friction is not in the interest of the people of the two countries and the people of the world.”
“The Chinese side deeply regrets that if the US tariff measures are implemented, China will have to take necessary countermeasures,” the statement post.A
China’s top trade envoy will hold talks with his US counterpart Robert Lighthizer in Washington to hammer out a deal to prevent the trade war.
However, an immediate solution to the crisis is highly unlikely as US President Donald Trump’s surprise decision to crank up levies on Chinese goods has dealt a blow to the progress in trade talks made in the past.
The two largest economies in the world have been locked in a bruising trade war since July last year after Trump slapped an additional 25 per cent tarrif on an initial $50 billion of Chinese goods.
The US President followed it through with another 10 percent on an additional $200 billion in products in September.
It is the levies imposed in September last year that Trump has now threatened to increase to 25 per cent from Friday.