China Says The U.S. Has Declared A Trade War And They Will Retaliate
Officials in China have declared a trade war with the United States. The declaration was made on Friday morning after Donald Trump announced 25% tariffs on at least $50 billion worth of Chinese goods. The Trump-led tariffs apply to nearly 1,100 Chinese exports ranging from automobile and manufacturing hardware to aerospace and robotics.
“The United States has kept changing its mind and now launched a trade war,” China’s Commerce Ministry said in a statement. “China does not want a trade war,” the statement continues by promising to “fight back vigorously” in defense of globalization and the world trade system.
In response to Trump’s decision, the Chinese government said it would levy tariffs against U.S. products and services.
“We will immediately launch tariff measures that will match the scale and intensity of those launched by the United States,’ the official said.
At this time the Chinese government has not said how it plans to counter Trump’s increase in trade costs. Previously, China said it would impose retaliatory measures against US-based cars, plans, and agricultural products.
Trump’s tariffs arrived after the POTUS complained for more than a year about China’s huge trade surplus with the United States.
The new U.S. tariffs will go into effect on July 6. Trump claims China’s theft of American intellectual property and technology made the tariffs a necessary part of conducting business.