The Associated Press reports:
China’s government has denounced President Donald Trump’s threat of tariffs on $200 billion of Chinese goods as blackmail and warned it would respond with “strong countermeasures.” The Commerce Ministry on Tuesday gave no details but said Beijing is ready to “defend the interests of the Chinese people and enterprises.”
Trump ordered the U.S. Trade Representative to prepare new tariffs on $200 billion in Chinese imports on Monday, stepping up a dispute that companies and investors worry could drag down global trade and economic growth.
“This practice of extreme pressure and blackmail deviates from the consensus reached by two parties through many negotiations, and it also disappointed the international community,” said the forcefully worded statement.
Nobody wins in a trade war.
Dow expected down 400 points ATM
Chinese markets plunge on Trump’s newest tariff threat: Shanghai down 3.8%, Shenzhen falls 5.8% https://t.co/AARg5r6aNR
— (((Howard Forman))) (@thehowie) June 19, 2018