Trump vows to impose additional tariffs worth $450 billion on Chinese goods

News Image

MG News | July 06, 2018 at 11:12 AM GMT+05:00

0:00

China said Friday it was "forced to take necessary countermeasures," after Washington launched what Beijing called "the largest trade war in economic history," imposing tariffs on billions of dollars in Chinese imports.

"China promised not to fire the first shot, but in order to defend the core interests of the country and the interests of the people, we are forced to take the necessary countermeasures," China's commerce ministry said in a statement.

The statement did not specify what those countermeasures would entail beyond taking the case to the World Trade Organization, though the ministry had previously said it would hit back with new border taxes on an equal amount of US goods.

China accused the US of launching the "largest trade war in economic history," saying it was "typical trade bullying" that could trigger "global market turmoil".

Besides going to the WTO, China also said it would work with other countries to promote free trade, as Trump engages in battles with historical trading partners around the world.

But despite the rhetoric, Friday's tariffs could be the opening skirmishes in the war, as Trump has vowed to impose duties on as much as $450 billion in Chinese goods, the vast majority of imports.

(APP)

Related News

Name Price/Vol %Chg/NChg
KSE100 136,502.54
259.91M
1.64%
2202.77
ALLSHR 85,079.90
838.35M
1.26%
1061.74
KSE30 41,552.62
97.27M
1.81%
738.33
KMI30 193,330.76
84.69M
0.39%
741.60
KMIALLSHR 56,315.31
366.02M
0.43%
243.06
BKTi 38,498.08
37.91M
4.13%
1526.33
OGTi 28,138.38
5.66M
-0.36%
-101.89
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 120,340.00 123,615.00
118,675.00
1810.00
1.53%
BRENT CRUDE 69.15 71.53
69.08
-1.21
-1.72%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.25
0.26%
ROTTERDAM COAL MONTHLY 106.50 106.60
106.50
-2.20
-2.02%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.90 69.65
66.84
-1.55
-2.26%
SUGAR #11 WORLD 16.31 16.67
16.27
-0.26
-1.57%

Chart of the Day


Latest News
July 14, 2025 at 05:26 PM GMT+05:00

Gold price in Pakistan rises Rs1,600 per tola


July 14, 2025 at 04:59 PM GMT+05:00

Tax reforms focus on public ease, transparency


July 14, 2025 at 04:23 PM GMT+05:00

PSX Closing Bell: Another One Bites the High


July 14, 2025 at 04:06 PM GMT+05:00

PKR falls 25 paisa per USD



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg