China says will fight back ‘at any cost’ against the tariffs
European and Asian stocks have fallen after President Donald Trump instructed his administration to consider an additional $100bn in tariffs on Chinese imports.
“In light of China’s unfair retaliation, I have instructed the USTR to consider whether $100 billion of additional tariffs would be appropriate under section 301 and, if so, to identify the products upon which to impose such tariffs,” Trump said in a statement.
Following this, China’s commerce ministry has told media that the economy would fight back “at any cost” with fresh measures to safeguard its interests.
Global markets have been edgy this week amid the back-and-forth of the US-China trade conflict. The Stoxx Europe 600 was down 0.6 per cent shortly after markets opened, following Asian markets broadly lower. S&P 500 and Dow Jones Industrial Average futures also dropped 0.8 per cent and 0.9 per cent respectively.
China had announced on Wednesday that it would introduce tariffs on 106 U.S. products, including soybeans, cars and whiskey.