China Announces Equal Penalties in Retaliation For US Tariffs

(From AP News)

China’s government responded quickly to U.S. President Donald Trump’s tariff hike on Chinese goods by announcing Friday it will immediately impose penalties of “equal strength” on U.S. products.

The Commerce Ministry said it also was scrapping deals to buy more American farm goods and other exports as part of efforts to defuse a sprawling dispute over its trade surplus and technology policy.

A ministry statement gave no details, but a $50 billion list of possible targets announced in April included soybeans, light aircraft, orange juice, whiskey and beef. Much of the impact would fall on Trump’s rural supporters.

“The Chinese side doesn’t want to fight a trade war, but facing the shortsightedness of the U.S. side, China has to fight back strongly,” the statement said. “We will immediately introduce tax measures of equal scale and equal strength, and all economic and trade achievements reached by the two sides will be invalidated.”

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