China MOFCOM: China does not want to fight a trade war but is not afraid of one

Chinese Ministry of Commerce (MOFCOM) was out with a statement in the last hour, reiterating that it will take countermeasures if US tariffs take effect and that China does not want to fight a trade war but is not afraid of one. 

Additional quotes:

• China to take countermeasures if the US implements new tariffs. 
• The US to bear all consequences of new tariffs. 
• Hope the US can rectify its mistakes as soon as possible. 
• Hopes China-USS can resolve trade disputes based on equality and mutual respect. 
• Hopes the US to return to the right track. 
• US escalation of the trade spat to hurt the global economy.