> SUBSCRIBE FOR FREE! 

China on Thursday (Aug. 15) threatened retaliation if Washington steps up their war over trade and technology by going ahead with planned Sept. 1 tariff hikes on additional Chinese imports.

The Washington Post reported that Beijing will take unspecified “necessary countermeasures,” the Cabinet said in a one-sentence statement. It gave no details or any indication plans for trade talks in Washington in September might be affected.

The mounting tension has unnerved financial markets that worry the global economy will tip into recession.

President Donald Trump says he plans to impose 10% duties on an additional $300 billion of Chinese imports, extending penalties to almost everything the United States buys from China.

The Chinese announcement made no mention of Trump’s decision Wednesday to postpone penalties on about 60% of those goods until Dec. 15. Among the products given a reprieve are mobile phones, laptops, video game consoles, some toys, computer monitors, shoes and clothing.

Trade between the two biggest global economies has plunged, battering suppliers of goods from medical equipment to soybeans and threatening job losses. Chinese imports of U.S. goods fell 19% from a year earlier in July. Exports to the United States declined 6.5%.

For the full story click here