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Trade war: China to hit back

China vowed to retaliate after the Trump administration said it will impose a 10 percent tariff on about $200 billion in Chinese goods next week and more than double the rate in 2019.

The statement from the Ministry of Commerce didn’t note specific actions, though China has previously said it would respond with levies on $60 billion worth of U.S. goods. Such a move risks deepening the standoff even further, with President Donald Trump saying in a statement on Monday the U.S. will immediately pursue additional tariffs on about $267 billion of Chinese imports if Beijing hits back.

“The U.S. side insisted on imposing tariffs, which has brought new uncertainty to the bilateral negotiations,” the commerce ministry statement said. “We hope that the U.S. side will recognize the negative consequences of such acts and take convincing measures to correct them in a timely manner.”

Read more on Bloomberg.

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