China warns US it won’t ‘sit back’ as its interests are harmed
Beijing says all necessary measures will be taken if Donald Trump slaps punitive tariffs on Chinese imports
China warned US President Donald Trump on Thursday that Beijing will not “sit back” and let its interests to be harmed, hours before Washington announced a new round of punitive tariffs on Chinese imports.
Sources familiar with Chinese government discussions said Beijing had been preparing a contingency plan to deal with escalating trade tensions with the United States.
The White House announced on Thursday the findings of an investigation into China’s trade practices and alleged intellectual property theft, launched in August under Section 301 of the US Trade Act of 1974.
Trump is also expected to sign a memorandum “targeting China’s economic aggression”, according to a statement from the White House.
The tariff package is worth US$50 billion and will target China’s hi-tech sector. There could also be restrictions on Chinese investments in the United States, US Trade Representative Robert Lighthizer said on Wednesday.
Beijing is expected to retaliate if the US goes ahead with the plan, as fears grow of a full-blown trade war erupting between the world’s two largest economies.