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China says it will take ‘necessary’ countermeasures if US raises tariffs Friday

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China has promised to take “necessary countermeasures” against the U.S. if Washington follows through on its threat to increase tariffs on Chinese goods on Friday.

The Chinese Commerce Ministry said Wednesday that Beijing will retaliate if U.S. tariffs on $200 billion of Chinese goods is hiked to 25% from 10%.

The post comes just hours after President Donald Trump said that Beijing officials “informed” the White House that Chinese Vice Premier Liu He will lead the country’s delegation “coming to the U.S. to make a deal.”

White House Press Secretary Sarah Sanders later reinforced Trump’s tweet, saying the Trump administration has received “indications” from the delegation that they would like to make a deal. The precise “indications” conveyed by the Chinese were not immediately clear and Sanders did not offer further detail.

Trump’s declaration that Beijing is looking to strike an agreement also followed an earlier tweet from the president, in which he claimed to know why China backed away from the negotiating table. Trump said China is hoping that, if a Democrat is elected president in the 2020 election, the new administration will abandon the aggressive trade rhetoric.

CNBC

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
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