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%.
