China is ready to retaliate after the United States threatens to impose new tariffs on Chinese imports. What could this escalating trade conflict mean for the global economy?
Beijing says it is prepared to strike back with retaliatory measures in response to more tariff threats by the United States. On Monday U.S. President Donald Trump said he would hit China with tariffs on $200 billion of Chinese goods if Beijing implemented reprisals for an earlier set of levies announced by the U.S.
On Tuesday, China’s ministry of commerce accused the United States of “extreme pressure” and says China will have no choice but to retaliate if the U.S. moves forward with a new list of Chinese products to be targeted.
Meanwhile, the rising trade tensions between the world’s two largest economies is being felt in global markets.
We begin with a report from CGTN’s Owen Fairclough.
"America has thrown the first punch in a trade war where there will be no winners." Damaging U.S. tariff tantrums call for firm response, according to analysts worldwide https://t.co/jyRi19QMZs pic.twitter.com/CBmZLcR0o2
— China Xinhua News (@XHNews) June 19, 2018
— Business Insider (@businessinsider) June 19, 2018
— Financial Times (@FinancialTimes) June 19, 2018