Beijing warned on Friday that it was prepared to impose new tariffs on $60 billion worth of U.S. goods if Washington ups the ante in the escalating U.S.-China trade war. The Commerce Ministry issued a statement saying the new duties would be applied if Washington pulled the trigger on President Donald Trump’s threat to raise tariffs on $200 billion worth of Chinese goods. The Chinese reaction is sure to ratchet up tensions with the Trump administration at the end of a week that saw stock markets rattled by the intensifying trade battle.
The Ministry threat came after Mr. Wang met with U.S. Secretary of State Mike Pompeo at a meeting of the Association of Southeast Asian Nations (ASEAN) in Singapore on Friday. Washington and Beijing are locked in battle over American accusations that China’s export economy benefits from unfair policies and subsidies, as well as theft of American technological know-how.