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After the United States raised tariffs on Chinese imports last week by $200 billion, there is widespread expectation that China will retaliate. The move heightens fears that trade disputes between the world's two largest economies will escalate into an all-out trade war that could cause major damage to the global economy.
China's Ministry of Finance announced plans to impose import tariffs of 5% to 25% on 5,140 U.S. products on the revised target list of $60 billion. The announcement said the tariff would take effect on June 1.
The announcement pointed out that "China's adjustment of tariff increase measures is a response to the unilateralism and trade protectionism of the US side. China hopes that the United States will return to the right track of bilateral economic and trade negotiations, and work with China to move in opposite directions in order to reach a mutually beneficial and win-win agreement on the basis of mutual respect.
The White House and the Office of the United States Trade Representative did not immediately respond to requests for comment.
With China's announcement of counter-measures, global stock markets have fallen sharply, and MSCI's global stock index will record its biggest one-day decline in 2019. Wall Street's main stock index fell by about 2.5%. The Renminbi exchange rate fell to its lowest level since December last year.
"Obviously, the market is very nervous about the U.S. -China trade negotiations, fearing that the situation is deteriorating seriously, affecting all areas of the market," said Kristina Hooper, Invesco's chief global market strategist.
Earlier Monday, Trump warned China not to intensify trade disputes and urged Chinese leaders, including President Xi Jinping, to continue their efforts to reach an agreement. "China should not retaliate, it will only make things worse," Trump said on Twitter.
"I openly told Chairman Xi and all my friends in China that if you don't reach an agreement, China will suffer a lot because the company will be forced to leave China and go to other countries." Trump said.


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