China warns of tariff retaliation

Beijing/Washington: Beijing pledged to respond if the US insists on adding extra tariffs to the remainder of Chinese imports, as President Donald Trump's abrupt escalation of the trade war between the world's largest economies sent stocks tumbling across three continents.

Trump announced on Thursday that he would impose a 10 per cent tariff on a further $300 billion in Chinese imports, a move set to hit US consumers more directly than his other tariffs so far. The new import taxes, which Trump later said could go “well beyond” 25 per cent, will be imposed beginning September 1 on a long list of goods expected to include smartphones, laptops and children’s clothing.