China says tariffs on US goods to be used to ease impact of trade fight

Investment Advisory Group’s Michael Lee and Kadina Group’s Gary B. Smith discuss the longevity and results of a U.S. trade war with China.

BEIJING (Reuters) - China's commerce ministry said on Monday that it will use funds collected from tariffs charged on imports from the United States to help ease the impact of U.S. tradeactions on Chinese companies and their employees.

The commerce ministry also said in a statement it will encourage companies to increase imports of products such as soybeans and vehicles from other markets.

Beijing and Washington on Friday implemented import tariffs against each other in what is becoming a protracted trade fight.

(Reporting by Beijing Monitoring Desk; Editing by Richard Borsuk)