- cross-posted to:
- world@lemmy.world
- cross-posted to:
- world@lemmy.world
Fears of global recession rise as stock markets continue to fall after China responds to US president’s ‘bullying tactics’
Stock markets around the world plunged for a second day on Friday as China announced retaliatory tariffs of 34% on US imports, signalling a major escalation of a trade war ignited by Donald Trump and feeding fears of a global recession.
“For all imported goods originating from the US, an additional tariff of 34% on top of the current applicable tariff rate will be imposed,” Beijing’s finance ministry said.
China’s commerce ministry said that it would also impose more restrictions on the export of rare earths which are used in high-tech manufacturing such as batteries and electric vehicles. It added a further 16 US companies and organisations to its export control list, meaning that Chinese companies are restricted from doing business with them.
China had previously promised “resolute countermeasures” against Trump’s tariffs, which slapped a 10% rate on all imports coming to the US, with extra levies for certain countries, including China.
Wang Wen, the dean of Renmin University of China’s Chongyang Institute for Financial Studies, said: “China will never give in to Trump, but it does not exclude co-operation with the United States at the level of mutual respect and win-win co-operation. China knows that co-operation is not sought, but fought for.” Wang said that China’s response was “restrained” and limited to trade measures.
However other analysts said that China’s response was forceful.
Stephane Ekolo, a market and equity strategist for Tradition in London, told Reuters: “China comes out swinging with an aggressive response to Trump’s tariffs. This is significant and is unlikely to be over, hence the negative market reactions. Investors are afraid of a ‘tit for tat’ trade war situation.”
Around 60% of duty-free packages coming into the US come from China. But those deliveries will, from May, be subject to a fee of 30% of the value of the goods, or $25, rising to $50 in June.
China has also filed a lawsuit against the US with the World Trade Organisation.
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Biden hitched the dying empire’s wagon to Israel and Ukraine, and now Trump is pretending the rest of the world isn’t fed up with US’s antics. Sorry, man. Alternatives are rising. Belt and Road exists. Nobody likes us anymore. Many don’t even fear us anymore. These genocidal and violent morons are playing the game like it’s the 90s without realizing the rules have been updated since then.
some part of me feels like the barely concealed racism is going to ensure that they go back into the american empire’s arms again once trump leaves office rather than sticking with china.
Right, the sell out and unelected EU leaders like this ghoul VDLeyen would love nothing more that to continue their dead end game of old imperialist scumbaggery.
I hope they don’t drag us down with the US shithole, it’s finished.
all my stonks gone 📉
CHINA PLAYED IT WRONG, THEY PANICKED – THE ONE THING THEY CANNOT AFFORD TO DO!
Maybe if you tweet it loudly enough it will become true, stable genius.
Go China!
FAFO moment for Yankeestan
What were actual Chinese tariffs on US imports like, prior to this?
Because Trump’s little chart said they were almost 70%. A number that feels spiritually true, given how China is actively developing its domestic industrial capacity, but is probably false because they apparently made that chart with an AI slop machine.
So AliExpress will be dead for USA?
Good.Good maybe my daughter will stop buying garbage from temu and shein
This made my chuckle
That was Wednesday’s tariff. This tariff is in the other direction, in a tit-for-tat response.
