Donald Trump has threatened to impose tariffs worth hundreds of billions of dollars on Chinese imports to the US as a trade war between the world’s two largest economies began on Friday.
US tariffs on $34bn (£25.7bn) of Chinese goods have come into effect.
China retaliated by imposing a similar 25% tariff on 545 US products, also worth a total of $34bn.
The US President said America may target Chinese goods worth $500bn – the total value of Chinese imports in 2017.
Beijing accused the US of starting the “largest trade war in economic history” and has lodged a case with the World Trade Organization (WTO).
“Trade war is never a solution,” said Chinese Premier Li Keqiang. “China would never start a trade war but if any party resorts to an increase of tariffs then China will take measures in response to protect development interests.”
The government-run English language China Daily newspaper said: “The Trump administration is behaving like a gang of hoodlums with its shakedown of other countries, particularly China.”
via BBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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