By CNN Money. China on Friday accused the United States of starting “the biggest trade war in economic history” as US tariffs took effect on Chinese goods worth $34 billion.
“China is forced to strike back to safeguard core national interests and the interests of its people,” the country’s Commerce Ministry said in a statement after US tariffs kicked in just after midnight ET, which is noon in Beijing. . .
Even before Friday, the trade dispute between the world’s top two economies had rattled markets and prompted warnings from companies of damage to their bottom lines and higher prices for consumers.
The United States is also set to impose 25% tariffs on another $16 billion in Chinese exports later in the summer, and China has vowed to retaliate against US goods worth a similar amount. (Read more from “China Says the U.S. Has Started ‘the Biggest Trade War’ in History” HERE)
U.S. and China Fire First Shots in $34bn Trade War
By BBC. US tariffs on $34bn (£25.7bn) of Chinese goods have come into effect, signalling the start of a trade war between the world’s two largest economies.
The 25% levy came into effect at midnight Washington time.
China has retaliated by imposing a similar 25% tariff on 545 items US imports worth a total of $34bn.
Beijing accused the US of starting the “largest trade war in economic history”.
“The Chinese side, having vowed not to fire the first shot, is forced to stage counter-attacks to protect the … interests of its people,” the Chinese Commerce Ministry said. (Read more from “U.S. and China Fire First Shots in $34bn Trade War” HERE)