China’s Commerce Ministry “resolutely opposes” U.S. President Donald Trump‘s threat to impose additional 50% duties on Chinese imports and vowed to take countermeasures to protect its interests, intensifying trade tensions that have already triggered market turmoil.
What happened: The strong response came after Trump announced he would implement higher tariffs if Beijing doesn’t withdraw the 34% duty it placed on American products last week. Trump set an Apr. 8 deadline for China to reverse its position.
“The U.S. threat to escalate tariffs on China is a mistake on top of a mistake,” the Commerce Ministry said in a statement translated by CNBC. “China will never accept it. If the U.S. insists on its own way, China will fight to the …