China on Monday increased tariffs on USD 60 billion worth of US goods in a tit-for-tat to America's move to raise tariffs on USD 200 billion worth of Chinese imports, saying Beijing will not "succumb to foreign pressure".
China's retaliation came hours after US President Donald Trump warned his Chinese counterpart Xi Jinping that Beijing "will be hurt very badly if you don't make a deal."
Hours before the tariff raise, the Chinese Foreign Ministry asserted that it will "never succumb to foreign pressure" after Trump warned President Xi that China "will be hurt very badly if you don't make a deal because companies will be forced to leave China for other countries."
Asked about Trump's threat to impose tariffs on all Chinese imports which totalled to USD 539.5 billion last year after the just concluded 11th round of talks failed to make head way to end the trade war between the top countries, Chinese Foreign Ministry spokesman Geng Shuang said "we have repeatedly stated that raising tariffs won't any problem."
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