The United States tariffs on 34 billion worth US Dollar Chinese goods has come into effect, opening the way for an outright trade war between the two economic giants.
The 25 per cent tariffs on Chinese machinery, electronics and high-tech equipment including autos, computer hard drives and LEDs mark a significant escalation in the trade dispute between China and US.
Meanwhile, China today said it has already imposed retaliatory measures on US goods after the US activated its tariff measures. Spokesman for the foreign ministry, Lu Kang said that China’s measures against the US took with immediate effect.
Beijing accused Washington of launching the largest trade war in economic history and vowed to take the case to the World Trade Organization.