China says it will increase tariffs on $60 billion worth of U.S. goods in retaliation after President Donald Trump announced new U.S. tariffs on $200 billion worth of Chinese imports.
It's the latest volley in the trade war between the two countries, and an American business group is warning that a downward spiral in the conflict appears certain.
China's Finance Ministry says it is going ahead with plans announced in August for increases of 10 percent and 5 percent on 5,207 types of U.S. goods. A list released last month included coffee, honey and industrial chemicals.
The chairman of the American Chamber of Commerce in China, William Zarit, said Tuesday in a statement, "Contrary to views in Washington, China can - and will - dig its heels in and we are not optimistic about the prospect for a resolution in the short term."
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.....China has been taking advantage of the United States on Trade for many years. They also know that I am the one that knows how to stop it. There will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted!
— Donald J. Trump (@realDonaldTrump) September 18, 2018
Statement from the President | The White HouseChina has openly stated that they are actively trying to impact and change our election by attacking our farmers, ranchers and industrial workers because of their loyalty to me. What China does not understand is that these people are great patriots and fully understand that.....
— Donald J. Trump (@realDonaldTrump) September 18, 2018
