China threatens to retaliate against the US as Trump prepares more tariff

Trump announced the new tariffs this month, after which China halted purchases of agricultural goods and allowed the yuan to weaken

International News: China called planned US (US) tariffs on an additional $300 billion in Chinese goods a violation of accords reached by Presidents Donald Trump and Xi Jinping, signalling an American move earlier this week to delay some of those levies was not enough to stave off retaliation.

The new 10 per cent tariffs have taken the US and China off the track of resolving their dispute through negotiation, the State Council Tariff Committee, which has overseen tit-for-tat retaliation, said in a statement on Thursday. China “has no choice but to take necessary measures to retaliate,” it said, without specifying what the nation would do.

European stocks declined and US equity futures fell. The Stoxx Europe 600 index moved lower while the three main American equity contracts dropped.

Trump announced the new tariffs this month, after which China halted purchases of agricultural goods and allowed the yuan to weaken. Still, top negotiators held a phone call earlier this week and the US delayed the imposition of some of the new tariffs. Negotiators also agreed to have another phone call in the coming two weeks and people familiar said earlier the Chinese delegation is sticking to their plan to travel to the US in September for face-to-face meetings…Read More