China Points to the Damage of Trump’s Increased Tariffs

Gao Feng, Chinese Commerce Ministry Spokesman

China warned the world on Thursday. The country stated that the U.S. is opening fire on everyone with the threat of increased tariffs. China said that no one would like a trade war to happen, but that it will respond to the U.S. as needed. Beijing is ramping up the rhetoric in this heated dispute.

China not Taking the First Shot

The taxes on $34 billion worth of Chinese imports will start taking effect on Friday. This will be a bit after midday in Beijing.

Donald Trump, the President of the U.S., already stated that he will escalate this trade conflict with taxes on as much as $450 billion of Chinese goods. This would hurt stocks, currencies, and even the global trade commodities, such as soybeans and coal.

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China announced that it won’t attack first. However, they made it very clear that they will increase taxes on U.S. goods immediately after the U.S. taxes take effect.

Companies All Over the World are Threatened?

Gao Feng is a Chinese Commerce Ministry spokesman. He gave important information on the trade war at a weekly news conference. He said that these taxes would hurt even the foreign companies in China.