China to retaliate on $60B in U.S. goods, defying Trump's warning
China is readying to fire the next salvo in the escalating trade conflict with the United States, announcing on Monday it will raise tariffs on $60 billion in U.S. goods at the start of next month.
Beijing previously pledged to take "necessary countermeasures" but had not made a move to do so until Monday's announcement. I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China. You had a great deal, almost completed, & you backed out!The two sides have been hurtling toward an increase in tension since Beijing earlier this month "reneged" on a number of commitments it had agreed to in negotiations, according to U.S. officials.
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