International

Tit for tat; China hits back at US, slaps tariffs on soybeans, planes

Beijing/Washington: China quickly hit back on Wednesday at Trump administration plans to slap tariffs on $50 billion in Chinese goods, retaliating with a list of similar duties on key US imports including soybeans, planes, cars, whiskey and chemicals.

The speed with which the trade struggle between Washington and Beijing is ratcheting up – the Chinese government took less than 11 hours to respond with its own measures – led to a sharp selloff in global stock markets and commodities.

Investors are wondering whether one of the worst trade disputes in many years could now turn into a full-scale trade war between the world’s two economic superpowers.

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