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China Vows to Strike Back in Trade War With U.S.

China Vows to Strike Back in Trade War With U.S. President trump’s tariffs against the country went into effect on Friday at 12:01 a.m. ET. The US imposed a 25% duty on $34 billion worth of Chinese exports to the US. The Chinese government hit back with tariffs on $34 billion worth of imports from the US almost immediately. A statement released by China’s Ministry of Commerce called the US tariffs "typical trade bullying.” China’s Commerce Ministry said the US had violated World Trade Organization (WTO) rules. President Trump has threatened to leave the WTO, which regulates world trade. To comply with the WTO, Trump has argued the tariffs are necessary for US national security. His administration accuses the Chinese government and Chinese firms of stealing US intellectual property. Trade experts say the US/China trade battle is likely to damage the US economy.

Source: Inform News

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