The Chinese and US flags meet their counterparts for China consultations on July 30, 2019, before meeting their counterparts for China’s consultations before the US trade delegation.
Aly Song |Reuters
China’s Treasury Department said it would impose a 34% tariff on all goods imported from the United States from April 10, following the obligations imposed by US President Donald Trump earlier this week, according to state news outlets.
“China is urging the US to immediately cancel unilateral tariff measures, pay respect and resolve trade differences through consultation in a mutually beneficial way,” Xinhua said in a report translated by the Treasury Department.
The department also criticized the decision to impose 34% of Washington’s additional mutual collection on China – bringing US total tariffs on the country to 54% – not only “contradicts international trade rules” and “seriously” undermines China’s interests, but also “critical” and “critical” it “critical the stability of global economic development and production and supply chains.”
CNBC reached out to the White House for comment.
US stock futures fell low in the session after China announced retaliation. A contract tied to Dow Jones Industrial Average A decrease of 900 points or 2.2%. S&P 500 NASDAQ-100 futures fell by 2.3% to 2.6%. each.
European stocks also fell sharply on the news. General area Stoxx 600 The index was 4.5% lower by 11:27am in London, extending previous losses, with the European banking sector exceeding 9.5%.
– Katrina Bishop of CNBC contributed to this report.
This fast news article has been updated.
