Trump defiant on tariffs as China strikes back

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China will levy tariffs on about $60 billion worth of U.S. goods in retaliation for new U.S tariffs, as a trade war between Beijing and Washington showed no sign of cooling.

China wasting no time Tuesday – firing back in an escalating trade war with the United States.

Beijing promised to slap tariffs on $60 billion worth of U.S. goods starting next week.

The import tax – as high as 10 percent – is in retaliation to a similar U.S. tariff on $200 billion worth of Chinese made goods that also kicks-in next week.

Despite China’s response – President Trump is not backing down.

SOUNDBITE (ENGLISH): U.S. PRESIDENT DONALD TRUMP (SAYING):

“We are the piggy bank to the world. We have been ripped off by China. They rebuilt their country with tremendous amounts of money pouring out of the United States and I’ve changed that around.”

Trump was hoping his tariffs would lead to productive talks, but so far they’ve just lead to more tariffs.

But the full-on trade war failed to spook financial markets.

Why?

Because the initial tariffs of no more than 10 percent on either side were smaller than the 25 percent expected. Wall Street rallied in relief but that could be short lived.

Washington is already preparing a third round of tariffs to cover another $267 billion of goods, which would mean almost every product shipped to America from China would get hit.

China richest man – Alibaba Founder Jack Ma – fears this trade war could go on for 20 years.

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