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Trade war is here and now, US tariffs on $34 bn in Chinese imports kick in

The ministry called the US actions 'a violation of world trade rules' and said that it had 'initiated the largest-scale trade war in economic history'


US tariffs on $34 billion in Chinese imports took effect as a deadline passed on Friday, and with Beijing having vowed to respond immediately in kind, the world's two biggest economies took a high-stakes turn towards all-out trade conflict. China's commerce ministry said in a statement shortly after the deadline passed that it was forced to retaliate, meaning $34 billion worth of imported US goods including autos and agricultural products also faced 25 percent tariffs. "China promised to not fire the first shot, but to defend national core interests and the ...

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First Published: Fri, July 06 2018. 11:55 IST