President Trump is “opening fire on the entire world”, Beijing said, as it braced for the White House to impose steep tariffs on Chinese products worth $34 billion. The United States was expected to hit 818 Chinese exports with a 25 per cent tariff this morning.
China has vowed to retaliate, heightening an acrimonious trade dispute between the world’s two largest economies. In an attempt to persuade the Trump administration to step back, Beijing officials said yesterday that $20 billion of Chinese products set to be targeted by the US are made by foreign companies.
Although China’s $375.6 billion goods trade surplus over America has underpinned tensions between the countries, Mr Trump has alleged that China steals intellectual property, which China denies.