China warns of retaliatory measures after US imposed fresh tariffs

Beijing [China], Aug 2 (ANI): Beijing on Friday sharply criticised President Donald Trump's decision to slap additional tariffs on Chinese exports to the United States, saying it will have to take "necessary countermeasures" to defend its core national interests and its people's fundamental interests.
China's Foreign Ministry spokesperson Hua Chunying made the remarks at a press briefing on Friday, adding that Washington would have to "bear all the consequences" for its actions, Xinhua news agency.
Calling the 10 per cent tariff hikes by the US a "serious violation" of the consensus reached by the two sides at the G20 summit in Osaka, Hua said the move has deviated from the right course and will in no way help solve the problem.
"China strongly deplores and firmly opposes the move," she added.
The escalation of the trade frictions and the threat of ratcheting up tariffs by the US are in line with neither the interests of the two countries' peoples nor the interests of the world, and will have a recessionary impact on the world economy, the spokesperson said.
"China always believes there is no winner in a trade war. We don't want a trade war, but we are not afraid to fight one if necessary," Hua said, adding the Chinese side will not accept any maximum pressure or intimidation and will never compromise on issues concerning major principles.
Hua urged the US side to grasp the situation, abandon its illusions, correct its mistakes and return to the right track of settling problems via consultations based on equality and mutual respect.
Barely a day after negotiators from the two sides wrapped up talks in Shanghai, agreeing to meet again in September and keep working on a deal to end their protracted trade war, Trump announced on Thursday that he would impose a 10 per cent tariff on the remaining USD 300 billion worth of untaxed imports from China.
This means everything that China sells to the US, including clothes and iPhones to chemicals and construction equipment, will have levies of between 10 and 25 per cent on them starting in September.
China's government, which had previously called this week's talks "constructive," issued angry warnings to the Trump administration over the action, which is designed to pressure Beijing into agreeing to fairer trading practices, according to The Washington Post.
"China doesn't want a trade war but is not afraid, and will have to fight one if necessary. We are hoping that the US will correct its wrongs and return to the right track of problem-solving on the basis of equality and mutual respect," it said.
Trump accuses China of stealing intellectual property, forcing foreign companies to hand over their technology as the price of market entry, and subsidising state-owned enterprises to give them competitive advantages. (ANI)