HONG KONG/SHANGHAI -- China on Thursday vowed to retaliate after U.S. President Donald Trump hiked tariffs on dozens of countries to new heights, sharply escalating tensions between the superpowers.
China's Ministry of Commerce said it "firmly opposes" the U.S. tariffs and "will resolutely take countermeasures to safeguard its own rights and interests." The statement came hours after Trump announced sweeping "reciprocal" tariffs on dozens of countries including a 34% tax on China, which will take effect April 9, on top of the 20% additional levies he had already imposed over fentanyl and previously existing duties.
