After Donald Trump imposed 125 per cent tariff on Chinese goods, Beijing announced ‘countermeasures’ and said that it would not bow down to the ‘tax blackmail’ by the US administration. (AP photo)
Trump Tariffs News Live Updates: China said it is not seeking conflict but will not fear continued US tariff threats, responding to questions about the newly imposed US levies. “The US cause doesn’t win the support of the people and will end in failure,” Chinese foreign ministry spokesperson Lin Jian said at a regular press briefing. Lin added that China will not sit back and allow the legitimate rights and interests of its people to be deprived. This comes as US President Donald Trump announced a 90-day pause on tariffs, however, China has been excluded from the pause, and instead, the tariff rate has been increased to 125%.
Trade War: The Asian markets bounced back on Thursday after President Trump announced the pause on tariff. Japan’s benchmark Nikkei 225 index shot up 8%, South Korea’s Kospi index was up more than 5% and Australia’s ASX 200 was also up by 5% during early hours of trading.
After Donald Trump imposed 125 per cent tariff on Chinese goods, Beijing announced ‘countermeasures’ and said that it would not bow down to the “tax blackmail” by the US administration. China also announced that it was imposing 84 per cent tariff on US goods which has escalated trade tensions between the US and China. Trump has accused foreign countries of levying harsh duties on American products and “plundering” the US economy.
Markets Skyrocket: The US stock market rallied sharply on Wednesday (April 9), reversing earlier jitters driven by President Donald Trump’s escalating trade war. As of early morning IST, the Dow Jones was up 2,962.97 points, or 7.87%, at 40,608.56. The Nasdaq Composite soared 1,867.06 points, or 12.16%, to 17,124.97, while the S&P 500 climbed 474.93 points, or 9.53%, to 5,456.20. The rally came after Trump announced 90-day tariff pause for all countries except for China. Huge swings have become routine for financial markets worldwide recently, not just day to day but hour to hour, as investors struggle to game out what Trump’s trade war will do to the economy.
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