Trade war brewing?

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President Trump ordered his administration to consider $100 billion in additional tariffs against Chinese imports. On Wednesday, China said it would levy a 25% tariff on $50 billion in U.S. imports including soybeans, automobiles, chemicals and aircraft. China’s action came in response to the Trump administration’s announcement of 1,333 tariffs on Chinese goods on Tuesday.

U.S. President Donald Trump said the current trade spat with China may hurt the markets in the short term but that America will emerge stronger from it, as a confrontation that has roiled global equities heats up between the world’s two largest economies.

“I’m not saying there won’t be a little pain,’’ Trump said Friday during an interview on 77 WABC Radio’ “Bernie & Sid in the Morning’’ program. “So we might lose a little of it but we’re going to have a much stronger country when we’re finished, and that’s what I’m all about.’’ … 

At almost the same time as Trump spoke, a senior Chinese government official in Beijing repeated a vow from earlier that day that the country would “retaliate immediately, intensively, without any hesitation” if the U.S. releases new list of tariffs on $100 billion additional imports. China has prepared for more U.S. trade measures and has drafted detailed retaliatory measures, Chinese Ministry of Commerce spokesman Gao Feng said.

 

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