Workers lift bundles of steel pipe with a crane at a stockyard on the outskirts of Shanghai, China. (Photgrapher: Qilai Shen/Bloomberg)

China Plans Retaliation for Any Amount of U.S. Tariffs

(Bloomberg) -- The Chinese government has a plan to retaliate against increases in U.S. tariffs regardless of the volume of goods targeted, according to an official in Beijing.

China is ready to respond to measures from U.S. President Donald Trump whether they involve $16 billion or $200 billion of Chinese imports, the official said Thursday, asking not to be identified.

The comments came as the world’s two biggest economies are locked in a trade standoff after imposing tariffs on $34 billion of each other’s goods earlier this month. Another $16 billion of trade is likely to be targeted soon.

The Office of the U.S. Trade Representative has identified an additional $200 billion of Chinese goods and Trump said he is “ready to go” with tariffs on as much as $500 billion, roughly the value of all China’s annual exports to the U.S. He has also accused China of manipulating its currency during the yuan’s monthlong losing streak.

China’s Ministry of Commerce spokesman Gao Feng said Thursday that the two sides have had no contact about renewing talks and the U.S. is fueling tensions while putting all the blame on China.

©2018 Bloomberg L.P.