Despite warnings from President Donald Trump not to retaliate to his 25% tariffs, China retaliated anyway, proving that you can’t kick Beijing around.
On Monday, China announced that it is striking back with plans to establish import tariffs ranging from five percent to 25 percent on more than 5,000 U.S. products, totaling $60 billion.
The retaliatory tariffs are scheduled to take effect on June 1.
China vowed that it “will never surrender to external pressure, responding to President Trump’s comments on Twitter:
“There is no reason for the U.S. Consumer to pay the Tariffs, which take effect on China today … China should not retaliate-will only get worse! I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China. You had a great deal, almost completed, & you backed out!”
The U.S. government has not responded to the news.
At the time of this writing, the Dow Jones cratered more than 500 points, the NASDAQ fell 220 points, and the S&P 500 plunged two percent. Asian markets also saw an ocean of red ink.
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