China warns of imposing USD 3 bn trade tariffs on US

China on Friday warned the United States that it is "not afraid of a trade war" while threatening to impose tariffs amounting to USD 3 billion on the US goods in retaliation to steel and aluminium tariffs imposed by the US.

Beijing has released a list of import duties of up to 25 percent to be imposed on items including fresh fruits, wine and pork.

Though, it has shown its readiness to negotiate an agreement with the US to avoid a trade war.

Certain media source quoted the Chinese Commerce Ministry as saying, "China does not want to fight a trade war, but it is absolutely not afraid of a trade war".

It further warned that a 15 percent tariff amounting to $1 billion on 120 goods including fresh fruit, nuts and wine would be imposed if the US fails to reach a "trade compensation agreement" within an unspecified timeframe.

Earlier on Friday, US President Trump signed an order that could also result in restrictions on Chinese investment in the US, saying it would be the "first of many" trade actions.

"We have a tremendous intellectual property theft situation going on," Trump said as he signed the new trade order, which could include duties as high as 25 percent.

On March 23, the US President imposed massive trade tariffs amounting to USD 60 billion on China, in an effort to stop the latter from stealing "intellectual property" from American companies.

Earlier in March, the US had passed an order imposing 25 percent tariffs imposed upon steel and aluminium imports claiming to stop the assault on the US.

The new order saw a 25 percent tariff on imports of steel and a 10 percent tariff on aluminium.