In a rapid escalation of the trade conflict between the world‘s two economies, President Donald Trump threatened to impose a 10 percent tariff on $200 billion Chinese goods.
Trump’s latest move, as Washington fights trade battles on several fronts, was unexpectedly swift and sharp.
It was retaliation, he said, for China’s decision to raise tariffs on $50 billion in U.S. goods, which came after Trump announced similar tariffs on Chinese goods on Friday.
“After the legal process is complete, these tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced,” Trump said in a statement on Monday.
The comments sent global stock markets skidding and weakened both the dollar and the Chinese yuan on Tuesday. Shanghai stocks plunged to two-year lows.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from LEADERSHIP Nigeria Newspapers. Contact: [email protected]
OPINION21 hours ago
Osun 2018 Governorship Election: Foretelling The Outcome
BUSINESS16 hours ago
JUST IN: CBN, NDIC Revokes Skye Bank’s Licence, Changes Name To Polaris Bank
NEWS15 hours ago
Why PDP Lost In 2015 – Kwankwaso
SPONSORED4 hours ago
How To Last For 25 Minutes Longer In Bed, Permanently End Pain And Embarrassment Of Weak Erection
NEWS15 hours ago
Customs Intercepts 11 Trucks Load Of Smuggled Rice
NEWS9 hours ago
PDP Set To Offer Presidency For Sale, BCO Alleges
NEWS17 hours ago
2019: I’m Set To Give 21st Century Leadership – Tambuwal
CRIME14 hours ago
Caretaker Stab Tenant To Death Over Use of Bathroom In Benin