According to a Reuters report, China appealed to the United States to immediately cancel the tariffs and warned of countermeasures.
The Ministry of Commerce of China criticized the US action, saying that the US has destroyed the long-term global trade balance and gained huge benefits from international trade for many years.
Previously, US President Trump announced new tariffs on Chinese goods, adding another 34% tariff on top of the 20% tariff imposed at the beginning of the year. This raised the total tariff rate to 54%, approaching the 60% threshold Trump threatened during his presidential campaign.
Economic analysts warned that as trade tensions escalate, Trump's tariff policy may trigger a global economic recession.
President Trump has just announced tariffs on 185 countries simultaneously. The S&P 500 futures wiped out $2 trillion in market value within 15 minutes. The US stock market lost more than $2 trillion in just the past 15 minutes.
German Economy Minister Robert Habeck said that Donald Trump would yield under pressure from Germany and Europe in the escalating trade war.
Italian Prime Minister Giorgia Meloni canceled all activities for the day to focus on responding to US tariffs.
Vietnam is currently the hardest-hit market in Asia. The index fell by 5.5%, marking the largest decline in four years. Trading volume was nearly 300% higher than the recent average level.
American new tariffs may lead to price increases for Apple products. American new tariffs may result in higher production costs for Apple, potentially causing consumer prices to rise.
Some of the highest tariffs are targeted at countries where Apple devices are assembled: Vietnam (46%), China (34%), and India (26%).
According to The New York Times, Apple now faces a choice - absorb the cost, reduce profits, or pass it on to customers. After this news was released, Apple's stock price fell by 5.7% in after-hours trading. The US will impose an equal tariff rate of 32% on Taiwan region.
Original Source: https://www.toutiao.com/article/7489372794959020544/
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