China’s Ministry of Commerce issued a highly critical statement on Friday calling on countries to take “joint actions” against the United States over President Trump’s actions on tariffs.
The statement accused the Trump administration of being “fickle” and “provoking a trade war” by imposing massive tariffs on China.
“This move is not only damaging bilateral interests but also undermining the world trade order,” the statement said. “China firmly opposes this.”
The ministry vowed to impose taxation “of the same scale” on the U.S.
“We will immediately introduce taxation measures of the same scale and strength,” the statement said.
“All the economic and trade achievements previously reached by the two parties will no longer be valid at the same time.”
Trump announced Friday morning that the U.S. would impose 25 percent tariffs on $50 billion in Chinese products.
The move comes after several months of steadily escalating tariff threats between Trump and Chinese President Xi Jinping.
“My great friendship with President Xi of China and our country’s relationship with China are both very important to me,” Trump said Friday. “Trade between our nations, however, has been very unfair, for a very long time. This situation is no longer sustainable.”
Trump said in the statement that the U.S. would pursue additional tariffs on Chinese goods if China retaliates.
https://www.cnbc.com/2018/06/15/why-china-holds-all-the-aces-in-a-full-blown-us-china-trade-war.html