Trump reportedly met Thursday with several Cabinet members and trade advisers and was expected to impose tariffs on at least $35 billion to $40 billion of Chinese imports.
"China does not want a trade war", it said, adding that it would "fight back vigorously" in defense of its national interests, globalization and the world trade system. He said the White House could impose additional tariffs if China hits back with its own set of additional taxes on American crops or other products.
China's finance ministry said it would respond with tariffs "of the same scale and strength".
President Trump warned that if China retaliates against the US with new tariffs of its own, the U.S. The new USA tariffs, which target almost 1,100 Chinese goods (mostly advanced industrial products), are meant to punish China for stealing US intellectual property and other unfair trade practices. An additional 284 Chinese imports, worth $16 billion, also could could face tariffs pending a final decision by the trade office and time to solicit public comment. The announcement came from the Chinese foreign ministry as Washington got ready to target $50 billion worth of Chinese goods with still levies. But if the president follows through on all the duties he's threatened, including the tariffs against China, U.S. inflation could accelerate by 15 basis points, according to Goldman Sachs.
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China, the world's No 2 behind the U.S., has pledged to retaliate on United States exports including soybeans and pork.
"There is no trade war".
United States trade representative Ambassador Robert Lighthizer said: "China's government is aggressively working to undermine America's high-tech industries and our economic leadership through unfair trade practices and industrial policies like Made in China 2025". The president jettisoned a free trade agreement with Pacific Rim nations previous year, and has threatened to tear up the North American Free Trade Agreement with Canada and Mexico.
"An escalating global trade dispute or widespread rises in import tariffs would have a marked negative impact on Germany's export oriented economy", it said.
President Donald Trump has already placed tariffs on the import of steel and aluminium from Canada, Mexico and the European Union, eliciting widespread criticism amongst the parties involved.