China vows retaliation to new US tariffs

China vows retaliation to new US tariffs
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China's commerce ministry vowed Thursday that it would respond to fresh U.S. tariffs with retaliatory measures, Reuters reported.

“If the United States, regardless of opposition, adopts any new tariff measures, China will be forced to roll out necessary retaliatory measures,” commerce ministry spokesman Gao Feng told reporters.

Gao said China will look to adopt measures to aid China-based firms that experience negative effects from U.S. tariffs if necessary, according to the news service.

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The Trump administration is set to impose upward of 25 percent tariffs on an additional $200 billion worth of Chinese goods as early as this week. It's also possible Trump will announce the tariffs, but wait to impose them.

If Trump follows through, China has said it will respond with tariffs on $60 billion worth of U.S. products.

U.S. and Chinese officials met late last month in Washington, but failed to make any meaningful progress toward an agreement that would slow the slew of tariffs. 

The two nations have already exchanged tariffs on billions of dollars worth of goods, raising concerns of a trade war between the world's two largest economies.

Despite pleas from lawmakers on both sides of the aisle to do away with the tariffs, Trump has insisted they are necessary to secure improved trade deals.

The U.S. last week announced a breakthrough in negotiations with Mexico on trade, though discussions are ongoing as to whether Canada will be included in the agreement.