China slaps $16 bln tariff on US goods as a tit-for-tat retaliation
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China has slapped trade tariffs of 16 billion dollars on US goods as a tit-for-tat retaliation after US decision of same amount tariffs against Beijing.
Chinese Ministry of Commerce in a statement today said that China "firmly opposes the tariffs and has no choice but to continue to make the necessary counter-attacks.
The statement said the US tariffs are "clearly suspected" of violating World Trade Organization and noted it would file a lawsuit against them under the WTO's dispute resolution mechanism.
US firms have become increasingly concerned about the tariffs, which are raising prices for manufacturers and could hurt the economy.
