China and the United States escalated their acrimonious trade war today, implementing punitive 25% tariffs on $16 billion worth of each other’s goods.
The world’s two largest economies have now slapped tit-for-tat tariffs on a combined $100 billion of products since early July, with more in the pipeline, adding to risks to global economic growth.
China’s Commerce Ministry said Washington was “remaining obstinate” by implementing the latest tariffs, which kicked-in on both sides as scheduled at 12:01 p.m. in Beijing (0401 GMT).
"China resolutely opposes this, and will continue to take necessary countermeasures," Reuters cited the statement as saying.
"At the same time, to safeguard free trade and multilateral systems, and defend its own lawful interests, China will file suit regarding these tariff measures under the WTO dispute resolution mechanism," the ministry said.
