BEIJING, Aug 25 (Reuters) - China will fight back againstthe latest U.S. step to increase tariffs on Chinese goods, theruling Communist Party's People's Daily said on Sunday amid anescalating trade war between the world's two largest economies.
"China is confident that it will follow its own path and doits own things well, and will never waver in its stand oncountering any provocations by the U.S. side," the newspapersaid in a commentary.
U.S. politicians, seeking to hamper China's economicdevelopment, still want to use the tactics of exerting maximumpressure on China that has achieved few results, the paper said.
The United States will not win the trade war because of theplight faced by its farmers and businesses, it said.
China said on Saturday it strongly opposes Washington'sdecision to levy additional tariffs on $550 billion worth ofChinese goods and warned the United States of consequences if itdoes not end its "wrong actions".
U.S. President Donald Trump announced on Friday thatWashington will impose an additional 5% duty on the Chinesegoods, hours after Beijing announced its latest retaliatorytariffs on about $75 billion worth of U.S. goods in the latesttit-for-tat moves in their bilateral trade dispute.
The intensifying U.S.-China trade war stoked worries about aglobal economic recession.(Reporting by Kevin YaoEditing by Paul Tait)