The trade war between the world’s two largest economies which started after Trump imposed tariffs on Chinese steel and aluminium, which also prompted a response from China has heightened.
The U.S. had also announced new tariffs on 50 billion dollars worth of Chinese goods, claiming that China was stealing U.S. intellectual property.
In retaliation, China responded within hours by announcing 50 billion dollars worth of tariffs on U.S goods.
The Chinese government said earlier in the week that it would respond with equal measure to any new duties on its goods by the U.S.
U.S President, Donald Trump, has heightened the trade war rhetoric with China on Thursday, saying he was considering to ‘slap’ the U.S. trade rival with another 100 billion dollars in tariffs.
“In light of China’s unfair retaliation, I have instructed the U.S Trade Representative to consider whether 100 billion dollars of additional tariffs would be appropriate,” Trump said in a statement.
A Chinese Foreign Ministry Spokesperson told the media in Beijing: “We have been saying that China wouldn’t start a trade war.
“But we are not afraid of it, and we will resolutely fight to the end if someone insists on a war.”
The U.S. has threatened to levy import taxes on more than 1,300 Chinese products, including televisions, dishwashers and printers.
In response, China has vowed to target key U.S. exports, including soybeans.