China says it is ready to pay 'any cost' in fast-escalating trade war with US

Beijing: China said Friday it was ready to pay "any cost" in a possible trade war with the US, after President Donald Trump warned he was considering USD 100 billion in extra tariffs.

"If the US side disregards opposition from China and the international community and insists on carrying out unilateralism and trade protectionism, the Chinese side will take them on until the end at any cost," the Ministry of Commerce said in a statement on its website.

"We don't want a trade war, but we aren't afraid of fighting one."

Trump threatened an additional USD 100 billion in tit-for-tat tariffs on Beijing Thursday, in the latest step in an escalating trade dispute.

The US president has said he will impose steep tariffs on steel and aluminium imports, which would hit China.

China responded with proposed tariffs on fresh fruit, pork and recycled aluminium, accounting for USD 3 billion of US exports in 2017.

The US on Tuesday published a list of USD 50 billion in Chinese imports set to be hit by US tariffs.

In a speech Thursday, Trump said "in light of China's unfair retaliation," he had instructed trade officials to "consider whether USD 100 billion of additional tariffs would be appropriate."