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China retaliates, hikes tariff on USD 60 billion of US products

The markets in the United States and Europe react badly to the move, which the Chinese Ministry of Finance says is 'a response to unilateralism and trade protectionism'

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Xi Jinping

Xi Jinping

Beijing/Washington: China on Monday retaliated against the US imposing additional tariffs and vowed that it will "never surrender to external pressure" after President Donald Trump warned his Chinese counterpart Xi Jinping that Beijing "will be hurt very badly" if he did not strike a deal with America.

As the two trading giants and top economies were locked in a bruising trade war, Trump on Monday warned the Communist giant not to impose retaliatory tariffs on American products.

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