While many nations are scrambling to strike tariff deals with Trump, China is standing up to him, hoping to turn 'crisis into opportunity.'
CNN reports that within 48 hours of Trump's market-hammering announcement of tariffs on countries across the world, the world's second-largest economy swiftly retaliated with its own punitive measures on US goods and firms.
Then, after the US president vowed to ratchet up tariffs again on Monday, Beijing once again vowed to hold the line. "The US threat to escalate tariffs on China is a mistake on top of a mistake," its Commerce Ministry said a statement.
The spokesperson of the Commerce Ministry added, "The US's imposition of so-called "reciprocal tariffs" on China is groundless and a typical unilateral bullying practice. The countermeasures that China has taken are to safeguard its sovereignty, security and development interests and maintain the normal international trade order, which is completely legitimate. The US threat to escalate tariffs on China is a mistake on top of a mistake, which once again exposes the blackmail nature of the US. China will never accept it. If the US insists on its own way, China will fight to the end."
The spokesperson in their remarks reiterated China's stance, saying, "There are no winners in a trade war and there is no way out for protectionism".