The US China Trading War is reinforced when Beijing’s tariffs come into force after Trump | China

Donald Trump’s trade war with China entered a new phase on Thursday when Beijing’s 84% ​​retaliation duties came into force hours after the US president announced a break of steep mutual tariffs for dozens of countries with the exception of China.

After Trump’s announcement of the sudden break after the most volatile episode, the markets have recovered to the financial markets since pandemic.

The Taiwan shares rose by 9.2%in early trade on Thursday. In Japan, the Nikkei rose by 7.2%, while Kospi had increased by over 5%in Seoul. In Australia, the ASX 200 rose by more than 6%. Hong Kong’s Hang Seng Index increased by 2.69%, while the Shanghai Composite Index rose by 1.29%.

On Wednesday in Wall Street, the Dow index rose almost 8% higher, while Nasdaq rose by 12.2% after announcing the break and rose in 24 years in 24 years.

The tariffs against Chinese goods are now 125%, and Beijing has sworn “to fight to the end”. In a China Daily Editorial published on Wednesday evening, it says: “For Beijing, the pressure in the USA is out of the question.”

The head of the WTO said on Wednesday that an escalating US China tariff war could reduce the trade between the two countries by 80%. In view of the two assets, the conflict could “severely damage the global economic outlook,” said Ngozi Okonjo-Iweala.

Trump’s sudden change in the heart, in the middle of growing fears that the United States is heading for a recession, saw a dramatic revival of the stock markets across Asia. The 90-day break of the US President gave the ceiling tariff global 10%, but remained the steeper mutual tariffs.

“I thought that people jumped out of the race a bit, they became Yippy, you know,” said Trump on Wednesday when he was asked why he announced the break.

On Wednesday, Beijing said that 84% of the ends of the US on site would be imposed on site on Thursday, bringing 18 US companies on trade restrictions lists and bringing other countermeasures. According to Trump’s announcement of the “liberation day” of a global tariff regime, the 20%, which has already been paved in China, increased a tariff of 34%, which prompted Beijing to announce mutual tariffs of 34%.

Trump warned China to withdraw it or he would react, but China declined and the two sides began a number of tit-for increases. Trump promised a levy of 104% and then 125% against the Chinese imports and left it in place, while she announced a break elsewhere.

“At some point, hopefully in the near future, China will recognize that the days in which the USA and other countries are torn down are no longer sustainable or acceptable,” Trump wrote when he revealed the latest US tariff in China.

The China Daily Editorial said on Wednesday: “It is not that China does not understand what the unprecedented high tariffs mean for its exports and the economy in general.

“Winnings of export-oriented industries will create a blow and the resulting decline in manufacturing investments and consumer mood will dampen the economic growth. But it also knows that the petles for the bullying of the US tariffs will not gain anything, since it is no secret that the USA now intends to cut China out of the consumer market and the global care chains to close its own narrow interests worry to worry about your own close interests. “

China seems to approach other countries to ward off trade agreements from the USA.

In talks with his Malaysian counterpart, the Chinese Minister of Commerce Wang said that they are ready to work with Asean trading partners to strengthen the coordination. On Tuesday, he also spoke to the EU Commissioner of the EU Commissioner and said China was ready to deepen trade, investments and industrial cooperation, and that China and the EU will restart negotiations on electric vehicles immediately.

In the meantime, the attempts to “agree” to “act” with Australia – which is strongly based on China for trade, but has a deep alliance with the USA – from the country’s defense minister, Richard Markes.

“We are not about to do a common cause with China, that is not what will happen here,” Marles told the local media. “We don’t want to see a trade war between America and China to be clear, but we focus on actually diversifying our trade.”

Trump dismissed the market volatility and said: “Sometimes you have to take medication”, but seemed to fluctuate when predictions of a US recession became stronger.

Trump’s break welcomed world regulations that were faced with higher export tariffs, but many are still affected by sector -based tariffs.

“We have received the latest US announcement positively,” Japanese chief government spokesman Yoshimasa Hayashi told a regular briefing. But he added: “We urgently demand that the United States check measures on their mutual tariffs, tariffs for steel and aluminum and tariffs for vehicles and auto parts.”

From next week, the EU member states had a response to comprehensive tariffs to steel and aluminum, which Trump was imposed by Trump, retaliation for up to $ 23 billion in US goods – to the producing products and products from Republican states – from next week in US goods – to the agricultural products and products from Republican states.

Trump announced his decision at the same time as a hearing in the congress with Jamieson Greer, his US trade representative.

“It looks like her boss just pulled out the carpet below them,” Democratic representative Steven Horsford from Nevada told Greer. “This is the amateur lesson and it has to stop.”

Agencies contributed to this report