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00:00:01
>> The US has fired off its biggest round of China tariffs yet, targeting $200 billion worth of goods. They came into effect early Monday and Beijing hit back immediately, slapping tariffs on about $60 billion worth of US products. This is the latest escalation in a trade war between the world's two largest economies.
00:00:23
And this time, consumers may see prices rise on store shelves. This round will make it more expensive to import things like Chinese vacuum cleaners and televisions, while Beijing will tax American aircraft and liquified natural gas. Soon after the tariffs went into effect, China went on the offensive with state media, accusing the US of intimidating and bullying other countries.
00:00:46
Reuters Vincent Li, reports from Beijing.>> It was a little more colorful than what we're used to seeing, talking about trade bullying, unilateralism and also how the US is trying to impose its hegemony. And using threats such as tariffs or imposing actual tariffs that basically make other countries
UNKNOWN]
submit.
00:01:04
Just made it seem a little more forceful in terms of China's rhetoric, talking about how US trying to use unfair practices to try to make China bend.>> We're also cracking down on the unfair trade practices from China.>> Over the weekend, US President Donald Trump threatened to impose even more tariffs.
00:01:23
He said before that he might move to tax virtually all imported Chinese goods, if the administration doesn't get its way.>> And we will come back with more if they retaliate, we have a lot more to come back with.>> China imports far less from the US, making a dollar for dollar match on any new American tariffs impossible.
00:01:44
Instead, it's warned it'll take qualitative measures to retaliate. Analysts say that, could see Beijing deciding to bar exports of certain goods to the US, or it may weigh down American companies in China with bureaucratic red tape.