US President Donald Trump's reciprocal tariffs on dozens of countries took effect on Wednesday, including massive 104% taxes on Chinese goods, deepening the trade war and causing further turmoil in financial markets.
China accused the White House of bullying practices, while stressing that the legitimate right of the Chinese people to develop should not be deprived of tariffs on imports. The Foreign Ministry spokesman asserted that if Trump insists on provoking a trade war, Beijing will fight to the end, writes A2.
The doubled tariffs on China, initially set at 54%, were implemented after Beijing refused to meet Trump's ultimatum to lift the 34% reciprocal tariffs imposed on the US. Lin Jian, a spokesman for the Foreign Ministry, said: "The US side continues to exert extreme pressure on China by imposing tariffs indiscriminately. China firmly opposes and will never accept this arrogant and bullying behavior. If the US is to resolve the problem through dialogue and negotiations, it should show respect, equality and reciprocity."
Chinese authorities said the central bank would not allow the yuan to fall and has asked all major state-owned banks to reduce dollar purchases. Stock markets fell again on Wednesday after a difficult week as investors fretted.
European stock markets fell further, as did American and Asian ones. As world leaders rush to determine countermeasures against the US, Trump said that many of them are licking their lips and are ready to do anything for a trade deal with him.
He has not spared his mockery in their direction: "I'm telling you, these countries are calling us, they're licking us. They're dying to make a deal with us. Please, sir, accept a deal, I'll do anything, sir." (A2 Televizion)
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