Following Friday’s tit-for-tat tariff exchange by the US and China, Beijing has labelled the White House’s negotiation strategy as “trade bullying” as global markets brace for any fallout from the spat.
As the Financial Times reports, President Trump’s latest mention of the quantity of tariffs he plans to extend to Chinese goods was $500 billion, made last week during a conversation with reporters aboard Air Force One. He said that $16 billion more can be expected in coming weeks, with jumps of $200 billion and $300 billion afterwards, essentially covering the entire value of Chinese imports into the US in 2017.
China’s commerce ministry said that Washington’s action “seriously jeopardises the global industrial chain [and] hingers the pace of global economic recovery.”
Markets remained steady on Friday, with US stocks edging higher on the release of better-than-expected jobs data. Asian stocks have also edged higher in the early hours of Monday trading.