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

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

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Ed Moya

Ed Moya

Senior Market Analyst at OANDA
With more than 20 years’ trading experience, Ed Moya is a market analyst with OANDA, producing up-to-the-minute fundamental analysis of geo-political events and monetary policies in the US, Europe, the Middle East and North Africa. Over the course of his career, he has worked with some of the world’s leading forex brokerages and research departments including Global Forex Trading, FX Solutions and Trading Advantage. Most recently 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 BNN, CNBC, Fox Business, and Bloomberg. He is often quoted in leading print and online publications such as the Wall Street Journal and the Washington Post. He holds a BA in Economics from Rutgers University. Follow Ed on Twitter @edjmoya ‏
Ed Moya