WASHINGTON — President Donald Trump’s latest threat to ratchet up tariffs on Chinese imports was met with a forceful response from Beijing on Friday as escalating trade tensions between the two largest economies once again unnerved financial markets and increased concerns about the prospect of a full-blown trade war.
After Trump ordered his administration to consider slapping taxes on an additional $100 billion in Chinese goods on top of $50 billion in goods previously announced, China’s Commerce Ministry vowed to fight the new tariffs “at any cost” with a full slate of countermeasures.
Chinese officials did not provide specifics, but Beijing could take a host of actions to make life difficult for American businesses operating in China, in addition to levying tariffs on more U.S. imports to China.
Earlier this week, China quickly responded to the Trump administration’s tally of $50 billion in Chinese products that would face 25 percent tariffs with its own list of American-made goods, including cars, aircraft and soybeans, that would be subject to import taxes of a similar amount.
Trump, apparently angered by Beijing’s tit-for-tat response, upped the ante Thursday evening, saying that instead of correcting its practice of unfairly appropriating American intellectual property, “China has chosen to harm our farmers and manufacturers.” read more…