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Washington, U.S., Mar 24 (Canadian-Media): Trade officials in United States (U.S.) were ordered by U.S. President Donald Trump to come up in two weeks time with a list of Chinese-made products on which to put tariffs, media reports said.
The Trump administration reportedly claimed that China does not trade fairly and had a $370 billion trade surplus in goods with the U.S., and that it had cost American jobs.
Reportedly China would certainly retaliate on U.S. exports.
"China will not sit idly by while legitimate rights and interests are hurt. We must take all necessary measures to firmly defend our rights and interests," China's Commerce Ministry was reported to state.
This would mean higher prices for consumers, and possible bad news for American businesses that export to China.
the new tariffs on steel and aluminum, announced by Trump earlier this week reportedly came into effect on Mar 23, 2018.
China reportedly announced that list of U.S. goods (including pork and aluminum pipe) might be hit with tariffs in response.
A reportedly sharp reaction was seen in the stock markets, which started reacting even before the news came out.
The Dow Jones Industrial Average was off by 724 points (almost three percent); the technology-heavy Nasdaq was off by about 2.4 percent.
(Reporting by Asha Bajaj)