The United States has escalated its trade war with China, hiking tariffs on $200 billion worth of Chinese exports hours after trade talks held in Washington failed to produce a breakthrough.
Tariffs on the targeted exports increased from 10% to 25% at 12:01 a.m. ET on Friday, prompting a swift rebuke from Beijing.
The Chinese government expressed “deep regret over the development” and pledged to take “necessary countermeasures.”
“We hope the United States will meet us halfway, and work with us to resolve existing issues through cooperation and consultation,” China’s Ministry of Commerce said in a statement. The ministry did not give specifics on how it would respond.