China To Dissuade US

Forex News

Chinese government asks the US to be more reasonable, reacting to Donald Trump’s announcement about raising tariffs from 10% to 25%. Geng Shuang (Chinese Foreign Ministry spokesman) claimed: "We would advise the United States to correct its attitude and not try to engage in blackmail. This won't work on China", adding: "Secondly, we would advise the U.S. side to return to reason, and not blindly let emotions affect their decisions, because in the end this will harm themselves".

Chinese stocks broadly weakened on the news with Shanghai Composite Index falling over 16%, which marked the second biggest decline among stocks indexes in history. The Chinese yuan also dropped with its year-to-date fall reaching more than 4.5%.

Chinese Foreign Ministry spokesman reiterated that Beijing is open for negotiation with Washington. "The current unilateral threats and pressure from the United States will only backfire," Geng told.