China is warning that U.S. tariffs on Chinese imports will hurt the U.S. and the entire world. Tariffs on $34 billion worth of Chinese goods are scheduled to take effect Friday. At a Beijing press conference Thursday, a spokesman for China's Commerce Ministry said China will retaliate immediately with tariffs on U.S. goods.
President Trump said last month that the U.S. will impose 25% tariffs on $50 billion worth of Chinese imports in response to the alleged theft of U.S. intellectual property. The first round of those tariffs begins Friday. China has said it would fight back with equal scale and intensity.