China Promises to Hit US with Tariffs as Stocks Plunge Amid Fear of Trade War

(From The Guardian)

China has retaliated against Donald Trump’s decision to impose tariffs on steel and aluminium by signalling that it will hit US goods such as pork, apples and steel pipe with higher duties.

As Asian stock markets plunged at the prospect of a trade war between the world’s two biggest economies, China’s commerce ministry urged Washington to negotiate a settlement as soon as possible but set no deadline.

A ministry statement on Friday said the higher US tariffs “seriously undermine” the global trading system.

“China doesn’t hope to be in a trade war, but is not afraid of engaging in one,” the statement said. “China hopes the United States will pull back from the brink, make prudent decisions, and avoid dragging bilateral trade relations to a dangerous place.”

The Dow Jones industrial average dropped 724 points, or nearly 3%, after Trump’s announcement on Thursday, and Asian markets followed suit in Friday’s session.

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