A trade war between the world’s two largest economies is escalating again, after the United States hit China with higher tariffs and Beijing vowed to retaliate.
« China expresses deep regret over the development and will have to take necessary countermeasures, » the Ministry of Commerce said in a statement Friday afternoon. « We hope the United Stateswill meet us halfway, and work with us to resolve existing issues through cooperation and consultation. »
Reactions in Asia markets were mixed.
Having started the day in positive territory, Japan’s Nikkei Index fell nearly 1% in afternoon trading. The Shanghai Composite Index rose more than 2% and Hong Kong’s Hang Seng Index was up around 1%.
