China States It Will Defeat U.S. in Any Trade War
According to the state media in China, the country will win any trade war with the U.S. and has never surrendered to outside pressure.
This is proceeding the world’s 2 largest economies targeting each other with rather steep tariffs as Beijing states it will stand up to Donald Trump.
The U.S. stated that it would set 25% duties on USD $50 billion (GBP £35.6 billion) worth of imports from China. Moreover, the step is targeted at causing Beijing to address its theft of US intellectual property according to Washington.
After a few hours, China retaliated by threatening to initiate its own 25% tariffs on USD $50 billion worth of US products.
In addition, the tariffs seemed to be aimed at causing political damage to Donald Trump by striking signature US exports such as frozen beef, cotton,soybeans and other agricultural commodities produced in states from Iowa to Texas, which supported Trump in the 2016 presidential election.