China says it doesn't want a trade war but isn't afraid of one. The Asian economic giant has urged President Trump to pull back from the brink, saying it is firmly against unilateral protectionist policies from the U.S. On Friday a spokesman from China's Ministry of Commerce said it will take all measures to defend its rights, and Cui Tiankai, the Chinese Ambassador to the U.S. says a trade war will hurt America too:
"It will certainly affect the daily lives of the American middle class people. It will affect the balance sheet of American companies. It will affect indexes of the financial markets."
Trump has unveiled plans for tariffs on 60 billion dollars' worth of Chinese goods. He said they were a response to allegations of intellectual property theft by China.
China has responded by announcing its own proposals for three billion dollars' worth of tariffs on US imports, targetting U.S. pork, steel pipes and wine.
On Thursday stock markets around the world fell on fears of an all-out trade war.