"Beijing has told the US it will retaliate if Donald Trump fails to back down on his threat to impose 100% tariffs on Chinese imports as investors brace for another bout of trade war turmoil. China's commerce ministry blamed Washington for raising trade tensions between the two countries after Trump announced on Friday that he would impose the additional tariffs on China's exports to the US, along with new controls on critical software, by 1 November."
"Wilful threats of high tariffs are not the right way to get along with China, a spokesperson for the commerce ministry said on Sunday, according to the state news agency Xinhua. China's position on the trade war is consistent. We do not want it, but we are not afraid of it. If the United States insists on going the wrong way, China will surely take resolute measures to protect its legitimate rights and interests."
President Donald Trump announced plans to impose 100% tariffs on Chinese exports to the US and new controls on critical software by 1 November. China’s commerce ministry blamed the United States for raising trade tensions and warned that wilful threats of high tariffs are not the right way to get along with China. China said it does not want a trade war but will take resolute measures to protect its legitimate rights and interests if the US persists. China defended export controls on rare earths as legitimate and said compliant civil-use export applications can be approved. Markets reacted sharply, wiping about $2tn off US stock value and pushing the FTSE 100 down.
Read at www.theguardian.com
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