China Promises Retaliation As Trade War With US Continues
10 May 2019, 07:45 | Updated: 10 May 2019, 13:06
Beijing has said that it would retaliate against the US, following moves to increase tariffs on hundreds of billions of dollars' worth Chinese products.
The US has raised the import tariff on $200bn worth of Chinese products, including electronics, clothes can toys from 10% to 25%.
The announcement breaks a months-long truce which saw the world's two largest economies pause the on-going trade war which had seen each side placing ever-increasing tariffs on goods.
"The Chinese side deeply regrets [the US actions] and will have to take countermeasures," the Chinese Ministry of Commerce said in a statement shortly after the US started to raise tariffs on Chinese goods.
In the UK Downing Street cautioned that a worsening trade war would have damaging consequences both for the two countries and the wider global economy.
"We are concerned about it. We are clear that nobody benefits from trade wars," a No 10 spokeswoman said.
"Discussions between the two are ongoing and we hope they will find a resolution to avoid any further escalation."
A delegation is currently in Washington for the 11th round of China-US economic and trade talks.
US Customs and Border Protection said the tariffs will apply to US-bound products which left China after 12:01 am on Friday US time.
