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ECONOMY

China Says It Won’t Shoot First, but Will Return Fire in Trade War

A Chinese container ship is unloaded at a U.S. port on June 20. Photo: VCG
A Chinese container ship is unloaded at a U.S. port on June 20. Photo: VCG

* China said it will only respond to U.S. moves on trade, one day before Washington plans to impose a 25% on $34 billion of Chinese exports, 59% of which is produced by foreign-owned companies

* Analysts said that the threatened tariffs would have a limited impact on growth and corporate earnings, but would send shock waves through many countries and sectors

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