China says won’t bow to tariff pressure day after Trump threatens more coercive levies

News Snapshot:

Trump threatened China with further tariffs on Monday, prompting new fears that his efforts to rebalance the global economy will exacerbate a financially damaging trade war read more In response to President Donald Trump’s warning of an extra 50% tax on Chinese goods, China pledged to take actions against the US “to safeguard its own rights and interests” on Tuesday. According to a Commerce Ministry statement, the United States’ imposition of “so-called ‘reciprocal tariffs’” on China is “completely groundless and a typical unilateral bullying practice.” China has imposed retaliatory duties, and the government warned that more may follow. “The countermeasures...