BEIJING/WASHINGTON: China on Friday (Aug 2) vowed to fight back against US President Donald Trump's abrupt decision to slap 10 per cent tariffs on ...
BEIJING/WASHINGTON: China on Friday vowed to fight back against US President Donald Trump's abrupt decision to slap 10 per cent tariffs on the remaining US$300 billion in Chinese imports, a move that ended a month-long trade truce.
The US president stunned financial markets on Thursday by saying he plans to levy the additional duties starting Sep 1, marking a sudden end to a truce in a year-long trade war between the world's two biggest economies that has slowed global growth and disrupted supply chains.US stocks extended their sell-off Friday on Trump's tariff announcement. Yields on US and German debt plumbed multi-year lows amid a rush for safe-haven assets.
Retaliatory measures by China could include tariffs, a ban on the export of rare earths that are used in everything from military equipment to consumer electronics, and penalties against US companies in China, according to analysts. Apple Inc fell more than 2 per cent after a similar fall on Thursday on concerns about tariffs on its core products. Bank of America Merrill Lynch analysts said on Friday that the tariffs could reduce the tech giant's earnings by 50 to 75 cents a share, with the bulk of that from iPhone duties.
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