Beijing LIVE: China Vows To Counter Trump’s ‘Bullying’ Tariffs as Global Trade War Escalates | CNBC TV18
BEIJING, CHINA – Chinese foreign ministry holds daily news conference. Monitoring for comments after China imposed 34% retaliatory tariffs on all U.S. goods from April 10.c
Asia-Pacific markets extended their sell-off Monday as fears over a global trade war sparked by U.S. President Donald Trump’s tariffs fueled a risk-off mood.Hong Kong markets led losses in the region, with the Hang Seng Index declining 11.72%. Mainland China’s CSI 300 fell 6.39%.
Chinese markets have taken a hit from Beijing’s retaliatory move on Trump’s tariffs, Qi Wang, UOB Kay Hian chief investment officer for wealth management, told CNBC’s “The China Connection” on Monday
China has vowed to hit back after President Donald Trump announced major new tariffs on its exports to the United States as part of his radical overhaul of a century of American global trade policy.
Trump unveiled 54% tariffs on all Chinese imports into the US Wednesday, in a move poised to push a major reset of relations and escalate a trade war between the world’s two largest economies.
“China firmly opposes this and will resolutely take countermeasures to safeguard its own rights and interests,” China’s Ministry of Commerce said in a statement Thursday morning.
The ministry slammed the move that stands as a centerpiece in Trump’s effort to reshape the rules of international trade as “typical unilateral bullying practice,” while urging the US to cancel the tariffs and “properly resolve differences with its trading partners through equal dialogue.”
“The United States has drawn the so-called ‘reciprocal tariffs’ based on subjective and unilateral assessments, which is inconsistent with international trade rules and seriously damages the legitimate rights and interests of relevant parties,” the statement said.
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