mobanmarketWASHINGTON/BEIJING: US President Donald Trump on Friday lashed back at a new round of Chinese tariffs by heaping an additional 5% duty on some $550 billion in targeted Chinese goods in the latest tit-for-tat trade war escalation by the world’s two largest economies.
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Trump’s move, announced on Twitter, came hours after China unveiled retaliatory tariffs on $75 billion worth of US goods, prompting the president earlier in the day to demand US companies move their operations out of China.
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The intensifying US-China trade war stoked market fears that the global economy will tip into recession, sending US stocks into a tailspin, with the Nasdaq Composite .IXIC down 3%, and the S&P 500 .SPX down 2.6%.
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US Treasury yields also declined as investors sought safe-haven assets, and crude oil, targeted for the first time by Chinese tariffs, fell sharply.
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Trump’s tariff response was announced after markets closed on Friday, leaving potentially more damage for next week.
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“Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer,” Trump said on Twitter. “As President, I can no longer allow this to happen!”
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“Starting on October 1st, the $250 billion of goods and products from China, currently being taxed at 25%, will be taxed at 30%,” Trump announced.
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