2 months ago
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China says it will “fight to the end” and take countermeasures against the United States to safeguard its own interests after President Donald Trump threatened an additional 50% tariff on Chinese imports.
Trump’s threat Monday of additional tariffs on China raised fresh concerns that his drive to rebalance the global economy could intensify a financially destructive trade war. Stock markets from Tokyo to New York have become more unstable as the tariff war worsens.
What to know:
- Global markets: World shares and U.S. futures are advancing, led by gains in Tokyo where the Nikkei 225 shot up just over 6% as markets calmed somewhat after Monday’s shocks.
- China’s remarks: The Commerce Ministry said the U.S.‘s imposition of “so-called ‘reciprocal tariffs’” on China is “completely groundless and is a typical unilateral bullying practice.” It added that the U.S. threat of escalation is “a mistake on top of a mistake” and pledged to “fight until the end.”
- Trump’s theat: If Trump implements his new tariffs on Chinese products, U.S. tariffs on Chinese goods would reach a combined 104%. The new taxes would be on top of the 20% tariffs announced as punishment for fentanyl trafficking and his separate 34% tariffs announced last week.
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