US and China have threatened to impose billions in tariff on 6 July, but China’s finance ministry issued a statement on Wednesday saying that it would not be the first to impose the levy.
“The Chinese government’s position has been stated many times. We absolutely will not fire the first shot, and will not implement tariff measures ahead of the United States doing so.”, stated the ministry.
According to The Guardian, “There had been hopes the US and China might step away from the measures, but neither side has backed down. Economists have warned that the tariffs will damage economic growth and cost jobs, and could escalate into a full-blown trade war between the world’s two largest economies.”
“Donald Trump has threatened to escalate the conflict by imposing further tariffs on up to $200bn of Chinese goods, if Beijing retaliates on Friday.”, reported The Guardian.
