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Money China vows to fight back as the trade war escalates

02:31  12 july  2018
02:31  12 july  2018 Source:   businessinsider.com.au

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An intensifying trade war has kicked off between China and the US. The US has announced a new list of 6,000 Chinese goods, totaling 0 billion, that may be hit with additional 10% tariffs by the end of next month. China 's Commerce Ministry has vowed to retaliate to the countermove.

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It's now safe to say that a trade war is underway between the United States and China.

Following the introduction of reciprocal tariffs on $US34 billion of the others imports on Friday, the US, as promised, has announced a new list of 6,000 Chinese goods, totalling $US200 billion, that may be hit with additional 10% tariffs by the end of next month.

China's Commerce Ministry has vowed to retaliate to the countermove.

"The Chinese side is shocked by the actions of the US," it said in a statement, according to a translation by Google.

"In order to safeguard the core interests of the country and the fundamental interests of the people, the Chinese government will, as always, have to make the necessary counter-measures."

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An intensifying trade war has kicked off between China and the US. The US has announced a new list of 6,000 Chinese goods, totaling 0 billion, that may be hit with additional 10% tariffs by the end of next month. China ’s Commerce Ministry has vowed to retaliate to the countermove.

China ’s Commerce Ministry has vowed to retaliate to the countermove. “The Chinese side is shocked by the actions of the US,” it said in a statement, according to a translation by Google. Tagged Business Insider Australia, BI Contributor, China , Trade War

It vowed to immediately file an additional lawsuit against the US to the World Trade Organisation.

The Commerce Ministry also called upon the international community to "work together to safeguard the rules of free trade and the multilateral trading system and jointly oppose trade hegemonism".

"The behavior of the US is hurting China, hurting the world, and hurting itself," it said. "This irrational behavior is unpopular."

Testing the faith of Trump's supporters at the heart of the US-China trade war .
Donald Trump's trade war is on track to cost Iowa's farmers millions of dollars, but many are still backing him — for now. It's no coincidence that China's tariffs hit America's rural farming communities — they are the ones who voted Donald Trump into the White House.

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