The Ministry of Commerce of China on Tuesday, April 8, said it would fight the tariffs escalated by the Trump Administration until the end. The Chinese government stated that it “resolutely opposes” US President Donald Trump’s threat of escalating tariffs and will take countermeasures to safeguard its economy and rights.
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This comes after Trump said he would impose an additional 50% duty on goods imported from China if Beijing does not withdraw the 34% tariff it imposed on US products last week.
“The U.S. threat to escalate tariffs on China is a mistake on top of a mistake, which once again exposes the U.S.’s blackmail nature,” the commerce ministry statement said. “If the U.S. insists on its own way, China will fight to the end.”
Global equity markets have been pummeled as recession fears have grown following Trump's "Liberation Day" announcement of tariffs that affect most countries across the world and most U.S. imports. On Tuesday, however, Asian stocks took a breather and gained ground in early trading, after heavy losses on Monday. Key indexes in China, Japan, Hong Kong and South Korea were up.