Hargeisa (Hornpost.net / .com) China has responded strongly to US President Donald Trump’s threat that Beijing would impose an additional 50% tax if it did not reverse the retaliatory tax it announced on Tuesday.
China’s trade ministry said it would never accept what it called “the kind of extortion America is doing” and vowed to “fight to the end.” Analysts say the dispute raises the possibility of an international trade war that could significantly affect the global economy.
The new taxes could cause some US companies that import goods from China to face a 104% tax.
Most markets in Asia opened normally on Tuesday, although Taiwan experienced another drop of 4%. Europe’s biggest stock markets – including the FTSE 100 in London – all closed with a 4% drop on Monday.
Hornpost staff Reporter
