403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
US Stocks Drop Amid Trade Tensions Between US, China
(MENAFN) US stock markets experienced a significant decline by the end of the week as the trade dispute between the United States and China deepened, following China's retaliatory tariffs against Leader Donald Trump's recently announced tariffs.
In response to Trump's reciprocal tariffs, China introduced an additional 34 percent tariff on all American imports. This move is widely viewed as a direct countermeasure to the 34 percent tariffs the US imposed on China.
The new tariffs, which will take effect next Thursday, are set to impact all American goods imported into China, according to a statement from the Customs Tariff Commission of the State Council.
The commission described the US tariffs as "one-sided bullying" and argued that they violated international trade regulations while damaging China's rights and interests.
Regarding China's countermeasures, Trump criticized Beijing's response, claiming that it reflected panic over his administration's tariff actions. "CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!" Trump posted on Truth Social.
In the midst of these developments, Federal Reserve Chair Jerome Powell commented that the tariffs were "larger than expected" and would likely lead to increased inflation and slower economic growth. Powell also emphasized that the Federal Reserve would avoid making hasty decisions regarding monetary policy.
In response to Trump's reciprocal tariffs, China introduced an additional 34 percent tariff on all American imports. This move is widely viewed as a direct countermeasure to the 34 percent tariffs the US imposed on China.
The new tariffs, which will take effect next Thursday, are set to impact all American goods imported into China, according to a statement from the Customs Tariff Commission of the State Council.
The commission described the US tariffs as "one-sided bullying" and argued that they violated international trade regulations while damaging China's rights and interests.
Regarding China's countermeasures, Trump criticized Beijing's response, claiming that it reflected panic over his administration's tariff actions. "CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!" Trump posted on Truth Social.
In the midst of these developments, Federal Reserve Chair Jerome Powell commented that the tariffs were "larger than expected" and would likely lead to increased inflation and slower economic growth. Powell also emphasized that the Federal Reserve would avoid making hasty decisions regarding monetary policy.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
More Story
Comments
No comment