China imposed extra tariffs on 128 US products in retaliation to American President Donald Trump raising duties on imports of steel and aluminium, China’s finance ministry said.
Tariffs of up to 25% were imposed on products including frozen pork, wine and certain fruits and nuts.
“China’s suspension of its tariff concessions is a legitimate action adopted under WTO rules to safeguard China’s interests,” the Chinese finance ministry said. The tariffs come into effect on Monday.
Much of the Chinese commodities have opened flat or slightly in the negative as markets await for further response from US on this one.
Many of the important markets are shut because of Ester Monday so we are looking at lesser volumes.
US dollar is quite steady, that had gained half a percent in the previous week but when you look at the previous quarter, the US dollar index is down by nearly 2%. So this quarter, while we have started on a positive note, there is plenty happening in the sense of global trade wars and that is where the cues would come in from.