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According to  Hu Xijin, editor-in-chief of Chinese and English editions of the Global Times, Beijing is getting ready to announce  retaliatory tariffs on certain US products.

“Based on what I know, China will take further countermeasures in response to US tariffs on $300 billion Chinese goods,”    Hu Xijin tweeted out.

“Beijing will soon unveil a plan of imposing retaliatory tariffs on certain US products. China has ammunition to fight back. The US side will feel the pain.”

With the initial reaction, the 10-year US Treasury bond yield retreated slightly from its daily highs but was still up 1.78% on the day at the time of press.