In The Trade War, China Won't Hesitate To Respond
China’s finance ministry has stated that China will "absolutely not" be the one who attacks first in its trade war with the US. However, the tariffs on 34 billion dollars of US products will come into effect on Friday. The Ministry explains: "The Chinese government's position has been stated many times. We absolutely will not fire the first shot, and will not implement tariff measures ahead of the United States doing so.”
The US, in its turn, promised to slap tariffs on 34 billion dollars of Chinese goods on Friday as well. And it seems that China has retaliation measures ready. Donald Trump has threatened to levy 400 billion dollars tariffs on Chinese imports in case of retaliation on China’s behalf.
China's yuan has significantly reinforced versus the greenback after the report. Asian market is sensitive to the relevant developments.