China-US Trade Tensions: China matches US tariffs totalling $34 bln

World
Europe

01:47

The fallout from the tit-for-tat tariffs between the US and China could be lasting and far-reaching.

Trade tensions have been building for months between the world's two biggest economies. At the stroke of midnight in Washington on Friday, the US pulled the trigger on 25-percent duties on 34 billion dollars worth on a host of Chinese goods. President Donald Trump insisted the measures are necessary to level the playing field.

DONALD TRUMP US PRESIDENT "That's not free trade. The war was lost on trade many years ago. You know when they're saying, not a free trader, I said no. The war was lost, but now we're going to win it and because we have all the cards."

The US tariff list includes industrial machinery, medical devices, and airplane and auto parts. In response, China announced tariffs of equivalent value targeting agricultural products and manufactured goods such as soybeans and pork as well as vehicles and seafood.

China's Commerce Ministry says the US "launched the largest trade war in economic history", and represents a "trade bully". The ministry also said China will firmly safeguard the interests of the nation and its people.

GAO FENG SPOKESPERSON, CHINESE MINISTRY OF COMMERCE "China will not fire the first shot, but if the US takes these actions, we will take all necessary measures to retaliate. For other countries, they understand and support China's stance. China will work with other countries to oppose the unilateralism and protectionism, in order to protect the interests of people around the world."

China persists that if the White House takes the fight to the next level, China will respond in kind.