Stock Exchanges all over the world were plunged yesterday after China’s announcement and Trump’s warning that they would not change policy
“The market spoke,” China estimated today, rejecting US President Donald Trump duties and calling Washington to “consultations on equal terms”.
In addition, many Chinese commercial associations, from sectors such as weaving, the pharmaceutical industry and electronics, have issued today, calling for an unity in search of alternative markets and warning that duties will worsen inflation in the US.
“The market has spoken,” commented Guo Ziakun a spokesman for the Chinese Foreign Ministry posting on Facebook this morning, which he accompanied with a photo showing the fall of the US Stock Exchange.
Trump announced additional 34% duties in Chinese imported products (A total of 54% from the beginning of the year), as part of the imposition of new duties on most US trade partners.
In addition, the US president canceled a “window” that allowed the US to be imported into the US without duty packages from China.
These Washington moves sparked Beijing’s reaction Friday, which announced additional 34% duties to US imported products and limiting the exports of some rare land, escalating the trade war between the world’s two largest economies.
The stock markets all over the world were plunged yesterday after China’s announcement and Trump’s warning that they would not change politics, expanding the losses they had recorded earlier in the week following the Republican’s announcement to impose new duties.
The S&P index recorded a 9% total drop in the previous week.
“Now is the time for the US to stop doing the wrong things and resolve the differences with their trade partners through negotiations on equal terms,” ​​Guo estimated in his post in English.
The Chinese Association of Food Traders has asked the “Chinese import-export industry of food and agricultural products to unite and enhance cooperation in order to seek together domestic and foreign markets”.
The Association of Metals and Chemicals estimated that US duties “will increase the costs for American importers And consumers will intensify domestic inflation in the US and increase the chances of recession in the US. “
Source :Skai
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