China ready to pay 'any cost' in trade war, ministry says

One of the targets of Chinese retaliation in the simmering trade dispute is US pork

One of the targets of Chinese retaliation in the simmering trade dispute is US pork

The Dow sustained a 574 point drop (down 2.3 percent), while the Nasdaq dipped 161 points (down 2.3 percent).

The United States Trade Representative Office released details of goods imported from China worth about US$50 billion that it planned to hit with 25 percent tariffs, with the emphasis on industrial and hi-tech goods.

According to the Financial Times, a spokesman for the Chinese Ministry of Commerce reiterated that China was willing to implement "comprehensive countermeasures" even though "China doesn't want a trade war, but we're not afraid to fight a trade war". Some say President Donald Trump is simply bluffing with another US$100 billion in tariffs on Chinese goods, while others fear broad economic ramifications. They therefore get tremendous perks and advantages, especially over the U.S. Does anybody think this is fair. Late Thursday afternoon, he announced that his administration was now considering tariffs on an additional $100 billion worth of Chinese goods, which would triple the amount of Chinese exports being targeted. We were badly represented. Gao said comments from USA officials about ongoing talks about trade issues were incorrect.

Washington has called for the $50bn in extra duties after it said a probe determined Chinese government policies are created to transfer U.S. intellectual property to Chinese companies and allow them to seize leadership in key high-technology industries of the future.

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China's media, which is strictly controlled by the government, has come out in defence of the country, painting it as a victim of a too aggressive United States bent on taking illegitimate unilateral action.

Despite Trump's threats for more sanctions, he has insisted the U.S.is not engaged in a trade dispute with the Asian nation.

As of February, the USA also had a record-high $375.2 billion trade deficit with China, meaning it spends considerably more on Chinese imports than it makes on exports sent to China.

US stocks also were affected this past Monday by Trump's new verbal attack on giant online retailer Amazon.

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