China warns of ‘countermeasures’ against U.S. products if Trump

China warned Wednesday of retaliation if President Trump goes through with his threat to further raise tariffs on Chinese goods, setting up a potential escalation in a trade war that had seemed just weeks ago to be nearing its end.The trans-Pacific brinkmanship now spills over to face-to-face negotiations as trade talks resume late Thursday in Washington — just hours before Trump’s latest tariff threats are due to hit $200 billion in Chinese products.The Chinese warning — issued as China’s vice premier arrived in Washington — signaled that Beijing was prepared to take the same hard-line route as Trump and raise tariffs on American products in response.“An escalation in trade frictions is not in line with the American or Chinese interests or the interests of the world, and would thus be much to China’s regret,” a spokesman for the Commerce Ministry said in a statement on its website.“But if the U.S. goes ahead with its tariff measures against China, China will have to resort to necessary countermeasures,” the statement added.This sudden shift sent Asian financial markets tumbling. Wall Street also has taken a hit.“The reason for the China pullback & attempted renegotiation of the Trade Deal is the sincere HOPE that they will be able to ‘negotiate’ with Joe Biden or one of the very weak Democrats, and thereby continue to ripoff the United States,” the president tweeted.China has responded with reciprocal measures during earlier iterations of the trade war, slapping duties on American soybeans, cars and other products.There is not much time to avoid a possible new barrage of tariffs between the world’s two biggest economies.