President Donald Trump, left, and China’s leader, Xi Jinping, in Osaka, Japan, on June 29, 2019. (NYT File Photo)Trump Tariff News, Trump Tariffs: China’s Commerce Minister Wang Wentao warned that US tariffs will “inflict serious harm” on poor nations, particularly the least developed countries, and could even trigger a humanitarian crisis, according to a statement from his ministry released Saturday. In a call with World Trade Organization chief Ngozi Okonjo-Iweala, Wang criticised the US “reciprocal tariffs,” saying they would disproportionately impact developing economies. Beijing on Friday increased its tariffs in US imports to 125% on Friday, up from the 84 per cent previously announced, news agency Reuters quoted the Chinese finance ministry as saying. This move marked a significant increase in the ongoing trade war, with President Trump having raised tariffs on Chinese goods by a total of 145% since taking office.
During talks with Spanish Prime Minister Pedro Sánchez in Beijing on Friday, Chinese President Xi Jinping called on the European Union to join China in defending globalisation and opposing “unilateral acts of bullying,” in pointed criticism of President Donald Trump’s escalating tariff campaign. Sounding a warning without referencing the US directly, Xi said, “There are no winners in a tariff war.”
Global markets amid trade wars: The news rattled global markets on Friday as Asian indices plunged, with Japan’s Nikkei falling nearly 5% and Hong Kong stocks headed for their worst week since 2008. Oil prices were also on track for a second week of declines. Meanwhile, US stocks edged higher, with the S&P 500 rising 0.2%, the Nasdaq Composite gaining 0.4%, while the Dow Jones Industrial Average hovering near the flatline. Downplaying the market turbulence, and predicting the dollar would strengthen, Trump told the reporters on Friday, “When people understand what we’re doing, I think the dollar will go way up.” “The bond market’s going good. It had a little moment but I solved that problem very quickly.”