Chinese President Xi Jinping. Photo: Lintao Zhang / Getty Images
China vowed on Friday that it will fight back "at any cost" if the Trump administration continues to impose new tariffs on Chinese goods, according to a statement from China's commerce ministry.
Why it matters: China increasing tariffs on the United States would be difficult, as the country only imports $130 billion in goods from the U.S., so U.S. businesses may be China's next target. That could hurt both countries' GDP by as much as .3%, per the Wall Street Journal.