China vows retaliation, but Wilbur Ross says they’re ‘out of bullets’
China is forced to retaliate against President Trump’s new tariffs, the country’s Commerce Ministry said in a statement Tuesday.
The ministry did not spell out how or when the country would retaliate against the new tariffs on $200 billion of Chinese goods. But China appeared willing to tempt Mr. Trump’s threat of countering any retaliation with another $267 billion in tariffs.
“The U.S. insists on increasing tariffs, which brings new uncertainty to the consultations between the two sides. It is hoped that the U.S. will recognize the possible negative consequences of such actions and take convincing means to correct them in a timely manner,” the Commerce Ministry said in the statement.
U.S. Commerce Secretary Wilbur Ross responded to China’s retaliation threat by saying they are “out of bullets” because the country imports about four times fewer U.S. goods than the U.S. imports in Chinese goods.
“It’s a little disappointing earlier tariffs have not resulted in more constructive dialogue. But we hope these will,” Mr. Ross said on CNBC’s “Squawk Box.”
Mr. Trump announced the $200 billion in tariffs Monday, saying that months of negotiations had failed to curb China’s unfair trade practices and theft of American intellectual property, which costs U.S. companies as much as $600 billion a year.
“As President, it is my duty to protect the interests of working men and women, farmers, ranchers, businesses, and our country itself. My Administration will not remain idle when those interests are under attack,” Mr. Trump said in a statement announcing the new duties.