China Hits Back at Trump Tariffs as Trade War Finally Arrive
China said it doesn’t fear a trade war with the U.S. and announced plans for reciprocal tariffs on $3 billion of imports from the U.S. in the first response to President Donald Trump’s ordering of levies on Chinese metal exports.
China plans tariffs on imports of U.S. pork imports, recycled aluminum, steel pipes, fruit and wine, according to a Commerce Ministry statement on Friday. China will also pursue legal action against the U.S. at the World Trade Organization in response to the U.S. planned tariffs on steel and aluminum imports, the statement said, and called for dialog to resolve the dispute.
The announcement came hours after Trump instructed U.S. Trade Representative Robert Lighthizer to slap tariffs on at least $50 billion in Chinese imports. That was in addition to the metals duties ordered earlier this month on China and other countries. The news sent U.S. equities tumbling, with the Dow Jones Industrial Average falling 724 points, almost 3 percent, its biggest drop in six weeks. All major indexes in Asia also fell on Friday.
“The U.S. declared a trade war, but China is acting quite restrained. The list that China has announced appears to be a retaliation, but still it is very measured," said Li Yong, senior fellow of China Association of International Trade. "The move sends a message that China is able to fight back, but we still want a trade peace instead of a trade war."
https://www.msn.com/en-us/money/markets/china-hits-back-at-trump-tariffs-as-trade-war-finally-arrives/ar-BBKzqsH?ocid=spartanntp