China puts $60bn worth of tariffs on US goods
The fresh escalation in the tit-for-tat tariff battle that has built up over the past year further eroded hopes of a quick resolution to US-China trade discussions and sent US stock futures deeper into the red. S&P 500 futures were down 2 per cent while Treasury prices extended their rally, pushing yields lower. Yield on the benchmark 10 year note was down 3.6 basis points at 2.4174 per cent.
The response from Beijing comes just three days after the White House more than doubled its levies on $200 billion of Chinese goods to 25 per cent. The Trump administration has threatened to hit a further $300 billion of Chinese imports with the 25 per cent tariff rate if there is no progress in trade negotiations.
In response, China’s finance ministry said on Monday the tariff increase by the US “violates” the agreement between the two countries to resolve their trade differences through talks. “In order to defend the multilateral trading system and defend its legitimate rights and interests, China has to adjust tariffs on some imported goods originating in the United States,” it added.
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