China’s Commerce Ministry: Will take countermeasures on Trump’s tariffs
Responding to US President Donald Trump’s “reciprocal tariffs” on Thursday, China’s Commerce Ministry stated that it “firmly opposes U.S. tariffs and will resolutely take countermeasures to safeguard its rights and interests.”
Additional quotes
“China urges the US to immediately cancel unilateral tariff measures and properly resolve differences with trading partners through equal dialogue.”
“Many trading partners have expressed strong dissatisfaction and clear opposition.”
Market reaction
AUD/USD was last seen trading at 0.6280, down 0.30% on the day.
US-China Trade War FAQs
What does “trade war” mean?
Generally speaking, a trade war is an economic conflict between two or more countries due to extreme protectionism on one end. It implies the creation of trade barriers, such as tariffs, which result in counter-barriers, escalating import costs, and hence the cost of living.
