Before China announced its latest retaliation, President Donald Trump threatened dire consequences for Beijing if it does not agree to a trade deal.
China is readying to fire the next salvo in the escalating trade conflict with the United States, announcing on Monday it will raise tariffs on $60 billion in U.S. goods at the start of next month.
China’s Ministry of Finance said it will impose additional tariffs ranging from 5 percent to 25 percent on the $60 billion in goods, on top of duties that are already in place. The announcement marks the latest development in a growing tit-for-tat conflict between the two economic giants and came just after President Donald Trump had warned China against retaliating.
Since hiking tariffs on $200 billion in Chinese goods late last week, Trump has been publicly warning Beijing not to hit back, saying it “will only get worse” for the country if it takes further action.
Beijing had previously pledged to take “necessary countermeasures” but had not made a move to do so until Monday’s announcement.
“I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries,” Trump said in a tweet early Monday, prior to Beijing’s announcement. “Too expensive to buy in China. You had a great deal, almost completed, & you backed out!”
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Beijing had previously pledged to take "necessary countermeasures" but had not made a move to do so until today's announcement that they would raise tariffs on $60 billion in U.S. goodshttps://t.co/PveeCXSSXP
— POLITICO (@politico) May 13, 2019
Way to go, Little Donnie.
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