China accuses Trump of launching ‘the biggest trade war in economic history’
China accused President Trump on Friday of starting “the biggest trade war in economic history” by slapping billions of dollars’ worth of tariffs on Chinese goods.
The 25 percent tariffs, costing China roughly $34 billion, kicked in on Friday in Beijing, CNN reported.
Chinese officials announced that retaliatory tariffs on U.S. goods would immediately go into effect on American exports like soybeans, seafood, SUVs and crude oil.
China accused Trump of using tariffs as “typical trade bullying.”
“China is forced to strike back to safeguard core national interests and the interests of its people,” the Commerce Ministry said in a statement to CNN on Friday.
Trump has accused the country of abusing unfair trade practices and harming American companies.
The president has threatened another set of tariffs, worth $16 billion in Chinese exports, later this month.
China has promised to respond with additional tariffs on U.S. goods.
U.S. officials and business owners have warned Trump that the tariffs will be a major hit to American companies.
American Soybean Association President John Heisdorffer said the retaliatory tariffs will “sting” his industry.
“They are a vital trading partner, and we need to continue to do business with China without the sting of these tariffs,” Heisdorffer said.