China vows to 'fight to the end' as Trump threatens extra 50% tariff
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The news: The Chinese government said the country will "fight to the end" after US President Donald Trump threatened to impose additional 50% import taxes on China.
The numbers: Trump's latest pledge would add to a 34% "reciprocal" tariff announced last week, that is set to kick in on 9 April, as well as a 20% levy implemented earlier this year.
An additional 50% duty would take accumulative US import taxes on goods from China to 104%.
Trump vowed overnight to add the 50% duty after China announced 34% tariffs on the US in retaliation.
The context: The Chinese Ministry of Commerce said in a statement on Tuesday: “The US threat to escalate tariffs on China is a mistake on top of a mistake.”
“If the US insists on its own way, China will fight to the end,” it said.
The Hang Seng China Enterprises Index — a gauge of mainland China technology companies listed in Hong Kong — jumped as much as 3.7% at market open after seeing its worst loss since the financial crisis on Monday.
The source: Bloomberg
