Tit-For-Tat Trade War: After US Move On Chinese Imports, China Slaps Tariffs On American Goods Worth $60 BillionUnited States President Donald Trump and Chinese Premier Xi Jinping (Thomas Peter-Pool/GettyImages)

Agitated by President Trump having escalated the trade war with China by imposing further tariffs on Chinese imports worth over $200 billion, President Xi Jinping led China has retaliated by slapping tariffs on $60 billion worth American imports, reports Times of India.

President Trump had taken to Twitter to hit out at China with his scathing remarks, while issuing veiled threats on taking any retaliatory actions against American tariffs on its products or things would 'only get worse'.

President Trump also blemished China for having allegedly backed out of an almost completed and 'great' deal.

Ignoring the threat and announcing the new tariffs on more than 5,000 US based products from 1 June 2019, China's foreign ministry said that China will never succumb to foreign pressure. The ministry added that "We are determined and capable of safeguarding our legitimate rights and interests,"

Departing significantly from the stance of President Trump, his economic advisor Larry Kudlow acknowledged that companies and consumers in both countries will feel the pain, but suggested Washington held the trump card.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Advertisement