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China slams 'wrongful' U.S. tariff hikes as markets await response

HONG KONG -- China stands "firmly against" the "wrongful acts" of U.S. tariff increases and has lodged serious representations with the U.S., Beijing's Commerce Ministry said on Thursday, as observers wait to see how the country might retaliate.

The U.S. and Europe have accused China of flooding global markets with cheap products to cope with industrial overcapacity at home. Earlier this week, U.S. President Joe Biden's administration announced a major increase in tariffs on Chinese electric vehicles and solar panels.