Beijing [China], April 8: China has reacted harshly after U.S. President Donald Trump threatened to continue adding 50 percent tariffs on Chinese goods.
On April 2, the United States announced that it will impose high reciprocal tariffs on dozens of trading partners from April 9, including a 34% tariff on Chinese goods. In response, China announced that it would impose a 34% tariff on US goods from April 10.
In an article on the social network Truth Social on the evening of April 7, Mr. Trump issued an ultimatum to China not to retaliate against the United States with the aforementioned 34% tariff. Otherwise, Washington will impose an additional 50% tariff on Beijing from April 9. In addition, Mr. Trump also threatened to end all dialogue with China.
In remarks on the same day, Chinese Embassy spokesman Liu Bangyu said Trump's threat was "a typical move of unilateralism, protectionism and economic bullying," according to Reuters.
"We have emphasized more than once that pressuring or threatening China is not the right way to work with us. China will resolutely defend its legitimate rights and interests," Liu said.
After mainland Chinese and Hong Kong stock markets plunged in recent days, China's state-owned investment fund is stepping in to try to stabilize the market, according to Reuters.
Many Chinese state-owned enterprises, including China Chengton Holdings Group and China Reform Holdings Corp, pledged on April 8 to increase their investment in stocks, according to The Guardian.
China's central bank on April 8 also announced its support for state-owned investment fund Central Huijin Investment to increase stock purchases, and pledged to support borrowing as needed to ensure the smooth operation of the capital market.
According to The Guardian, the Hong Kong stock market opened 1.66% higher on April 8 while the Shanghai Stock Exchange continued to decline in the context of China and the US continuing to escalate the trade war.
Source: Thanh Nien Newspaper
