RT 19 Jun, 2018
Global stocks crashed on Tuesday after US President Donald Trump
threatened another 10-percent tariff on $200 billion of Chinese imports
in response to Beijing’s retaliation for the previous package of levies
imposed by the US.
China vowed to protect its interests, countering any US tariffs imposed on its goods with a mirror response.
“This practice of extreme pressure and blackmail” will be met with other comprehensive quantitative and qualitative measures, the country’s Commerce Ministry warned.
“The United States has initiated a trade war that violates market
laws and is not in accordance with current global development trends,” it added.
Last
week, Washington announced tariffs on 1,102 separate categories of
Chinese products, to come into effect on July 6. Beijing immediately
retaliated with a 25-percent tariff on 545 American products worth $50
billion, which will come into force on the same day. Chinese authorities
also pledged to add another 114 product categories to the existing
list.
The growing trade spat between Beijing and Washington has
dragged global markets down as investors opt to get rid of riskier
assets. China’s stock market dropped 2.7 percent, while Japan’s Nikkei
ended down by 1.7 percent.
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